MADRID: Spain’s Santander reported a record net loss of €11.1bil (US$13bil) in the second quarter after it took the biggest hit yet for a European bank dealing with the impact of the coronavirus crisis.
The euro zone’s second-biggest bank by market value said yesterday it had booked one-offs worth €12.6bil as the economic deterioration caused by the Covid-19 pandemic forced it to writedown previous acquisitions, mainly in Europe.
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