Spanish bank Banco Santander is repurchasing a 24.9% stake in Santander Mexico from Bank of America, restoring its virtually complete ownership in its Mexican unit.
International banking giants Banco Santander and Banco Bilbao, have gone on buying sprees abroad even as conditions at home declined sharply. But as their loan losses mount, the markets are finally looking past the banks' blithe optimism, seeing red -- and selling off.

