Santander asks UK investors to help it save Spanish bank

MORE than a million British shareholders in Santander are being asked to hand the lender extra cash after it bailed out a rival in Spain.

Santander has around 1.4million UK investors who were given stock to replace their shares in Abbey National when bosses bought it 12 years ago.

But earlier this week, Santander agreed to take over struggling competitor Banco Popular for one euro as it teetered on the edge of collapse.

It is now raising £6.1billion from the markets to shore up the stricken firm – and UK investors will be asked to contribute.

About 35 per cent of Santander’s individual investors are British, meaning a sizeable proportion of the foreign rescue could end up being financed by savers here.

The Mail understands that British shareholders’ total stake in the bank is around 2.9 per cent and they will be asked to contribute around £173million in total.

This works out at roughly £124 each, based on an average shareholding. Those who choose not to take part in the fundraising will see their stake watered down.