The scandal around the Santander Bank and Lehman Brothers

En Afectados por Banif

Similar to the scandal and massive financial fraud of Forum and Afinsa, Bank Santander is now under fire

A huge scandal that could sum up to €3Bn is going to damage the image around the globe of the Santander Bank. Contrary of what appear on the international press “Spain’s insurers, funds unaffected by Lehman -govt” the total amount of the impact among all the different Spanish banks could be above the €3Bn line

Millions of € in structured bonds were sold by the Santader Bank and its Private Bank branch “Banif” during last years under the name “Fondos 100% garantizados”, translated: “100% guaranteed funds”. There was not a single mention on the commercial panflets of “Lehman Brothers” nor anything else. Now suddenly and with surprise the Spanish icon, a potential multimillion write-off could appear in its balance sheet.

Find herewith and example of one of the pages of the commercial brochures…and Have a look on the formula in the picture. The liability is clear and it will be very difficult for the Santander lawyers to defend its position. The case is lost before starting

To finalise, this is the kind of bank you are going to deal in the UK and in the US (Washington Mutual?). Do you think they are going to accomplish with the levels of quality expected in your country? Up to now no information have been give to their clients

Descripción del producto