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Shanghai for sale

11 Dec 2013 By Fiona Maharg-Bravo, Peter Thal Larsen

The Spanish group is buying 8 percent of Bank of Shanghai in a tie-up worth 470 million euros. The deal comes as Western banks, including rival BBVA, have been selling out. Though the investment helps the Chinese lender’s IPO ambitions, the benefits to Santander are less clear.

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