Banco Santander, S.A. (ADR) (NYSE:STD) jumped 5.86% in today’s trading session. The cause is said to be media reports that UK banks are pouring one billion pounds into a venture capital fund that is intended to help small business.
It was also announced that talks between Allied Irish Banks (ADR) (NYSE:AIB) and Santander fell through with regards to United States based M&T Bank Corporation (NYSE:MTB). Santander, which had recently offered to buy AIB’s 22.7% stake in M&T bank, could not agree on who would run the merged business.
Banco Santander, which has it a low of $8.65 just months ago and has rallied to $13.18 – a 52% gain - has been aggressively diversifying its business. Spain’s largest bank has operations in the UK, Portugal, Brazil, Latin America, and the US.
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