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Building through selling

A massive property sell-off has been running through the banking industry in recent months, with HSBC, Santander and BBVA all selling off their main offices. What is driving the trend? Gareth Gore reports

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It came as quite a surprise to Spanish dealers when Banco Santander, one of Europe's biggest investment banks, announced in June that it was to sell its custom-made headquarters - along with 1,200 of its nationwide branches - in the biggest property sale ever seen in Spain. The EUR4 billion transaction would be used to raise capital for the bank's offer, along with Royal Bank of Scotland and

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