Santander from Spain is one of the most valuable banks in the world by market cap. Indeed if it were a US bank it would be the third most valuable bank in America. That is truly remarkable for a Spanish bank. But today I read a piece of news that intrigued me. That in order to get rid of real estate that it got as a result of bad loans it sells apartments at a discounts to its employees and relatives of its employees. Personally I think that having a loan portfolio that is exposed to your own employees is not a great idea. Neither is the concept of favoring your employees over your customers or anyone else for that matter. If I were a shareholder of Santander I would just want Santander to sell its real estate at the best available price in the marketplace.

Follow Martin Varsavsky on Twitter: twitter.com/martinvars

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