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 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.

BBC: Santander profits hit by Spain bad loans

It already owns all of Banif.

BBC: Santander absorbs Banesto and Banif and shuts branches