James Ashton: Santander UK leaves the pain in Spain
Outlook Some of Spain's biggest companies have gone to great lengths to distance themselves from the debt-laden country.
Santander UK boss Ana Botin, whose father chairs the parent company back home, declared in a recent interview that "we are the most British of the British banks".
Her point is that Santander UK is ring-fenced from Spain, meaning Ms Botin couldn't send money back to Madrid even if she wanted to.
Santander is one of a handful of large Spanish corporates which went rampaging around the world when times were better than they are now. But it has been clever enough to spin off assets to raise funds along the way.
As Spain inches towards a bailout from Europe, other firms might not be so fortunate.
Telefonica, owner of the O2 mobile network in Britain, faces a stark choice according to analysts at Bernstein Research. The company, which relies on Spain for a third of its profits has already axed its dividend and is selling off assets. Better to opt for a €10bn (£6.3bn) rights issue, Bernstein believes. Ouch.
Regular cast member Ste Hay, played by Kieron Richardson, is about to test TV boundaries
- 1 Lee Evans announces retirement from comedy on The Jonathan Ross Show
- 2 Pirelli calendar 2015: The problem with 'plus-size' models like Candice Huffine
- 3 These grandmas smoking weed for the first time are wonderful
- 4 Woman opens professional cuddling shop – gets 10,000 customers in first week
- 5 Angelina Jolie confuses everyone with 'ay up me duck' East Midland's greeting to Derby actor Jack O'Connell at awards show
Jeff Fletcher dead: Britpop guitarist is decapitated by lorry in horrific traffic accident
These grandmas smoking weed for the first time are wonderful
Jimmy Ruffin dead: Motown legend, who wrote 'What Becomes of the Brokenhearted', dies aged 78
New York snowstorm: Five dead and state of emergency declared as 'wall of snow' buries Buffalo
Woman opens professional cuddling shop – gets 10,000 customers in first week
G20 summit: Enter Putin. Accompanied by four warships. To the sound of mockery
'Muslims pre-date Columbus in discovering America,' says Turkish president Erdogan
David Cameron 'compares Vladimir Putin’s Russia to Nazi Germany' ahead of tense meeting
Former Tory PM Sir John Major says 'we would not have an NHS without migrants'
France 'blocks' Russian sailors from boarding a warship
G20 summit: David Cameron warns Vladimir Putin that Russia's relationship with the West is at a 'fork in the road' over Ukraine
iJobs Money & Business
£20000 - £25000 per annum + OTE £35,000: SThree: We consistently strive to be ...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...
$175 - $200 per annum, Benefits: full benefits: Carlton Senior Appointments: P...
Not specified: Carlton Senior Appointments: Senior MD Financial Advisor - San ...