Santander and El Corte Inglés reach agreement

Santander and El Corte Inglés have agreed to a marriage of convenience from which they both stand to profit.

El Corte Inglés, managed by Isidoro Álvarez, will sell 51% of its finance company for 140 million euros, which will allow it to pay down some of its 1.5 billion euros in debt and to keep financing other deals without worrying about where they will get the money to lend to clients.

Santander also mas a lot to gain from the union considering that its position as a banking leader will grant it access to El Corte Inglés's financial network and its 9 million clients, who will get increased risk control and efficient investing.