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Santander may give shares to Lehman victims

Santander could compensate some clients at its domestic private banking arm Banif affected by the fall of Lehman Brothers with preferential shares, a source with knowledge of the matter said.

These clients would have the possibility of subscribing to Santander's €1.38 billion ($1.74 billion) preferential share issue earmarked for the bank's customers affected by the alleged Bernard Madoff fraud.

“Nothing has been decided yet but the lines being worked along contemplate offering some of Banif's clients with investments in Lehman Brothers products the possibility of subscribing to Santander's preferential share issue for Madoff victims,” the source said. (Reuters)