Banco Santander is to absorb two Spanish banks, Banesto and Banif, closing 700 branches in the process.

BBC: Santander absorbs Banesto and Banif and shuts branches

It owns 90% of Banesto and will buy out the minority shareholders with Santander shares at a 25% premium.

BBC: Santander absorbs Banesto and Banif and shuts branches

Other partners include Banesto, Mapfre, Quely and Richard Mille.

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Banco Popular Espanol has fallen 6.73% so far this year, Banesto has tumbled 17.07%, Banco de Valencia has sunk 25.47%, Bankinter has plunged 28.42% and BBVA has lost nearly 31%.

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It announced in December that it was absorbing High Street subsidiaries Banesto and Banif - a process that would involve closure of 700 of the three banks' combined 4, 664 Spanish branches.

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Projects are spread rather evenly around the world, according to a September 2012 report from analyst Robert Jackson at Spanish bank Banesto: 29% are in Europe, 29% in Latin America, 22% in the Middle East and 20% in the rest of the world.

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