Union: Banco Santander could close up to 425 Spain offices

MADRID (AP) — A union representing bank workers says Banco Santander is planning a restructuring operation that could result in the closure of as many as 425 Spanish bank branches this year.

The CCOO union said in a statement late Thursday that it will negotiate with Santander officials to try to make sure that the closures result in "voluntary and not traumatic" ramifications for bank employees.

Santander made no declaration Friday about the union's announcement and did not immediately respond to an emailed request for comment.

Banco Santander SA is one of Europe's leading banks and has extensive Latin American operations.

The company says its Spanish operations generate 12 percent of its profit.