M&A Deal Summary

Banco Santander Acquires Sovereign Bank

On October 12, 2008, Banco Santander acquired financial services company Sovereign Bank for 1.9B USD

Acquisition Highlights
  • This is Banco Santander’s 3rd transaction in the Financial Services sector.
  • This is Banco Santander’s largest (disclosed) transaction.
  • This is Banco Santander’s 1st transaction in the United States.
  • This is Banco Santander’s 1st transaction in Pennsylvania.

M&A Deal Summary
Date 2008-10-12
Target Sovereign Bank
Sector Financial Services
Buyer(s) Banco Santander
Deal Type Merger
Deal Value 1.9B USD

Target

Sovereign Bank

Philadelphia, Pennsylvania, United States
website
Sovereign Bank is a regional US bank serving customers in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island. In addition to full-service retail banking, Sovereign offers a broad array of financial services and products including business and corporate banking, cash management, capital markets, trust and wealth management, and insurance. Sovereign Bank is headquartered in Philadelphia, Pennsylvania.

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Buyer(S) 1

Buyer

Banco Santander

Madrid, Spain

website

Category Company
Founded 1856
Sector Financial Services
Employees190,751
Revenue 54.2B EUR (2022)
DESCRIPTION

Banco Santander is a financial group operating principally in Spain, the UK, Portugal, and Brazil. Banco Santander is a provider of commercial and retail banking financial services. Banco Santander was founded in 1856 and is based in Madrid, Spain.

DEAL STATS #
Overall 3 of 10
Sector (Financial Services) 3 of 8
Type (Merger) 1 of 2
State (Pennsylvania) 1 of 1
Country (United States) 1 of 2
Year (2008) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-23 Island Finance

San Juan, Prince Edward Island, Puerto Rico

Island Finance is a provider of consumer loans and real estate-secured loans to customers through its 70 stores in Puerto Rico, as well as sales finance contracts through retail merchants. Island Finance Puerto Rico as formed in 1959 and is headquartered in San Juan, Puerto Rico.

Buy $735M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-30 Santander Asset Management

Glasgow, United Kingdom

Santander Asset Management is the asset management division of the Santander Group, the largest bank in the Eurozone by market capitalization. Santander Asset Management is present in 11 countries in Europe, Latin America and North America and has asset under management of over EUR 152 billion through mutual funds, pension funds and institutional mandates which invest in a wide range of underlying assets.

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