Banco Santander’s private bank Banif has become the first Spanish bank to guarantee customer losses following the collapse of Lehman-backed products. Both entities continue to deny rumours that Banif might have to be liquidated or integrated into Santander’s Private Banking division. “The bank will assume the loss of those bonds that have zero value because the counterparty no longer exists,” a Banif spokesperson told SRP. The bank has also confirmed it will replace the Lehman Brothers bonds wi
