A Spanish Bank With A Great Yield (STD)

Cramer likes Banco Santander (STD). He thinks that the Spanish bank's results were very impressive. Cramer likes the fact that the bank has limited exposure to the debt crisis in Spain. The bank has recently struck deals with Bank of America, M&T Bank, and Royal Bank of Scotland.

Banco Santander has "a $38 billion Spanish bond portfolio, and that portfolio had a nice move up this week. It could sell all it wanted to of those bonds and go buy the U.S. variety if it wanted. No wonder the institution apparently passed the ECB stress test with flying colors."

Banco Santander currently trades at $11.53 which is just 7 times next year's earnings. The stock is currently yielding a very impressive 4.6%. The stock looks like a possible value play.