☰

Empresas y finanzas

Santander property fund asks to delay redemptions


    MADRID (Reuters) - Spain's largest bank Santander said on Monday its Banif property fund lacks money to pay redemptions and has asked stock market regulator CNMV for permission to suspend payments for up to two years.

    Clients holding 80 percent of the fund, or 2.62 billion euros ($3.34 billion), had asked to redeem their investments by February 13.

    "The fund currently lacks liquidity necessary to meet the full payment of the said amount," Santander's property division said in a statement.

    (Reporting by Ben Harding; Writing by Tracy Rucinski)