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Santander Purchase Banco Popular and Clausula Suelo

Posted in: Information Topic, Latest News,
Author: Myra Cecilia Azzopardi
Tags: , , ,

For those concerned as they have a case against Banco Popular to recoup the monies owed and removal of the floor clause, please note the information below provided today by one of the lawyers who are acting for some of our members.

“Those of you claiming against popular should not worry about the purchase of the bank by Santander.

All cases will continue to be conducted as normal. Banco Santander who is the legal successor of Banco Popular and will have to honour the claims they have.

We are speculating that:

1. A more favourable environment for settling: Santander did not have “floor clauses” so it has so far avoided litigations on these issues.

2. We will be pushing to settle the claims to avoid going to court. We will also be doing our utmost to
make settlements for those cases already in courts. We also expect a decrease in appeals.

2. Claimants are more protected now (this is not speculation): Santander is a very strong bank with
accredited solvency, this implies that we expect to obtain a better deal for our claimants

3. Deposits are secured as per EU regulations.

There will be a further post on investments with Banco Popular”.

With thanks to the lawyer who provided these details. For further information contact: myra@citizensadvice.org.es

Please note: The information provided is based upon our understanding of current legislation. It is not legal advice but is provided freely to enable you to be properly informed. We recommend that if you are considering taking action, you should seek professional advice.

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