European Union rules for granting aid may force Spanish banks to sell their equity stakes in big Spanish companies, Reuters says. On Monday, Spain requested aid to bolster its debt-laden banks.
UBS estimates that banks may have to sell stakes in Spanish companies worth 22 billion euros ($28 billion), according to the Reuters article, which cites such companies as utility Iberdrola, oil company Repsol and telecom company Telefonica. The sales would disrupt the cozy relationships between Spain's banks and corporations.
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