Spain’s largest bank is trying to recover …

Spain’s largest bank is trying to recover … post thumbnail image

Many clients have transferred funds to accounts in other banks.

On December 25, Spanish bank Santander mistakenly transferred £130 million ($175 million) to a corporate client, reports Bloomberg, citing representatives of the credit institution.

  • The money was received by about two thousand companies, which set up the automatic transfer function to the accounts of 75 thousand employees and other companies.
  • The beneficiary has transferred the funds to an account at another UK bank. Specifically, the money went to Barclays, HSBC Holdings, NatWest and Virgin Money UK, reports The Times.
  • According to representatives of the Spanish bank, the credit organization is currently working on a refund and plans to improve the situation in the coming days.
  • No bank customers were injured, a Santader spokesman said in comments to Bloomberg. The money was transferred from the bank’s own reserves, the media told the bank.

Santander is the largest bank in Spain with 450 branches in the country. The bank manages £201 billion ($271 billion) in client funds.

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