Britain's Barclays <BARC.L> will invest in Spain's so-called 'bad bank' as a signal of its commitment to helping fix the country's banking troubles, a person familiar with the matter said on Friday.
Spain has set up the bad bank, known as SAREB, to take toxic property assets from banks' balance sheets so they can lend more to individuals and businesses. Its creation was a condition for Spain to get money from Europe to clean up its financial sector after a 2008 property crash.
Source: Reuters. Read full article. (link)