Discovery Capital Shorts Banco Sabadell In Spain

Tiger cub Robert Citrone’s Discovery Capital initiated a new short position in Banco Sabadell SA (MCE:SAB) (PINK:BNDSY). Boston based Wellington Management Company also opened a short in Banco Sabadell. Both funds are holding the same number of shares short which roughly amount to $30 million each at 0.5 percent of outstanding shares. Banco Sabadell, one of Spain’s largest banks, has a chunk of bad loans that have made Banco Sabadell’s survival difficult. However the bank still has reserves with which it continues to make acquisitions. Banco de Sabadell SA (MCE:SAB)’s shares have fallen 21.7 percent year to date. See all European short positions here Discovery…