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Popular in Fight to Survive as Bank Updates ECB on Situation

  • No buyer has emerged, while stock slump rules out rights issue
  • Chairman Saracho hired less than 6 months ago for turnaround
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Popular in Fight to Survive as Bank Updates ECB

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Emilio Saracho’s plan to turn around Banco Popular Espanol SA has become a struggle for survival.

The troubled lender has been exploring ways to bolster its cash and short-term funds and held discussions about its options with the European Central Bank in recent days, according to a person familiar with the situation. A meeting in Frankfurt with the ECB planned for Tuesday was canceled after the talks, the person said.