MFS Was ‘Jellyfish’ That Stung Santander, Ana Botin Suggests

Banco Santander SA Executive Chair Ana Botinlikened hits from bad loans to jellyfish stings and suggested the lender’s exposure to failed UK mortgage-finance company Market Financial Solutions Ltd. falls into that category.

“Jamie mentioned cockroaches,” Botin said Tuesday on Bloomberg TV, referring to JPMorgan Chief Executive Officer Jamie Dimon and his description of the risks lingering in credit markets. “I think of this as jellyfish on a beach.”

“You still go in the water,” Botin said, responding to a question about Santander’s exposure to the company known as MFS. “Sometimes you get stung a bit, but when you’re careful ...