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Banco Popular Español, the 4th-largest banking group in Spain, has called in Oliver Wyman to negotiate ‘the fine print’ with the European Central Bank, after it was ordered by the regulator to provide a detailed recovery structure in order to regain market confidence The deadline to have something prepared for the ECB is next March. Negotiations with the ECB take place at the same time its ‘Sunrise Project’ – a plan by Popular to remove 6,000 million euros off its balance sheet. In the first half of December key meetings are scheduled with supervisors to unclog the operation. The ECB and the Bank of Spain want Popular to reduce the part it will finance through subordinated debt to 30% of the total.

grupo banco popular

Source : http://www.vozpopuli.com

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