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Banking Latest News: Spain To Sell 2 Nationalized Banks

Wochit

Spain's economy minister said on Monday it was looking at all options for the sale of two nationalized banks. The banks to be sold are the Catalunya Banc and NCG Banco before their assets deteriorate further. The Spanish government claims that this would help with rising loan defaults and more volatility on stocks markets

Shareholders of Japanese telecom Softbank are cracking open the Champagne. Softbank jumped 4 per cent in early trading Monday to Y5780, its highest level in a month, after US rival Dish Network Dish Network [told the SEC] on Friday it would "abandon its efforts" to acquire Sprint Nextel.

The Telegraph newspaper said that Lloyds Banking Group has asked the European competition authorities to give it an extra two years to sell the hundreds of branches it is required to dispose of as a condition for its state bail-out.