Santander buys WBK stake

The struggling lender AIB has sold a 70.36% stake in Bank Zachodni WBK for €2.9bn to the expanding Spanish bank Santander. In August, the same investor bought over 300 branches of Royal Bank of Scotland. AIB has been looking to strengthen its balance sheet, after turning in loss of €2.4bn in 2009. WBK’s net income for 2009 was €220m.

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