MADRID — Spain’s Banco Santander, the biggest bank by market value in the 17-country eurozone, said Monday that it will absorb two subsidiaries, Banesto and Banif, leading to job cuts and branch closings.

The move is part of a broader restructuring of Spain’s fragile financial system, which was hit hard by the collapse of the property market in 2008. The government is pushing for mergers and takeovers to create fewer but sturdier banks.