Key Developments: Banco Santander SA (SAN)

SAN on New York Consolidated

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31 Jul 2015
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Latest Key Developments (Source: Significant Developments)

UniCredit SpA, Banco Santander SA in talks to merge asset management units-Reuters
Tuesday, 23 Sep 2014 01:47pm EDT 

UniCredit SpA:Italian bank UniCredit SpA and Spain's Banco Santander SA (Santander) are in talks to merge their fund management businesses and create a European powerhouse overseeing some 350 billion euros ($450 billion) of assets-Reuters.Under the proposed deal, Santander Asset Management will combine with UniCredit's Pioneer unit, with both banks owning about a third each of the new company, UniCredit CEO Federico Ghizzoni told reporters.Private equity funds Warburg Pincus and General Atlantic, which are already partners in Santander Asset Management, will together take the remaining third of the merged entity, before exiting the venture in a few years when it will likely be listed on the stock market, Ghizzoni said.He gave no financial details about the planned tie-up, only saying Santander had offered a "better price" than the two other bidders for Pioneer, a consortium comprising private equity fund CVC Capital Partners with Singapore sovereign fund GIC, and U.S. fund Advent.At least one of the proposals put to UniCredit valued the whole of Pioneer at between 2.4 billion euros and 2.7 billion, or 9 to 10 times earnings before interest, tax, depreciation and amortisation of 270 million euros, sources familiar with the matter previously said.Santander said it had no comment.  Full Article

Banco Santander SA enters into agreement to acquire Carfinco Financial Group Inc
Tuesday, 16 Sep 2014 02:30am EDT 

Carfinco Financial Group Inc:Enters into an arrangement agreement with Banco Santander, S.A. and Santander Holding Canada Inc, a wholly owned subsidiary of Santander.Each Carfinco shareholder will receive cash consideration of C$11.25 for each common share of Carfinco, representing total equity value on a fully diluted basis of about C$298 mln.Arrangement is expected to close in the fourth quarter of 2014.Santander's financial advisor is RBC Capital Markets and their legal counsel is Blake, Cassels & Graydon LLP.Carfinco's legal counsel is Bryan & Company LLP and counsel to the Independent Committee is Fogler, Rubinoff LLP.  Full Article

Banco Santander SA appoints Ana Botin to chair the board of the Bank
Wednesday, 10 Sep 2014 11:44am EDT 

Banco Santander SA:Board of directors of Banco Santander unanimously agreed to appoint Ana Botín as its chair.  Full Article

Banco Santander announces death of its chairman, Emilio Botin
Wednesday, 10 Sep 2014 02:45am EDT 

Banco Santander SA:Announces that the company's chairman, Emilio Botin, has passed away.  Full Article

Banco Santander issues 1.5 bln euros in CoCo bonds-Reuters
Tuesday, 2 Sep 2014 11:35am EDT 

Banco Santander SA:Santander raised 1.5 billion euros ($2 billion) in contingent convertible CoCo bonds, which can be converted into the bank's shares and are used to reinforce capital levels-Reuters.The perpetual issue attracted about 3.75 billion euros of orders and was priced with a coupon of 6.25 percent, according to IFR, a Thomson Reuters credit news and markets analysis service.The deal is convertible into new Santander shares.These types of securities usually convert into shares or are wiped out if a bank's equity capital falls below a set level.  Full Article

Banco Santander to issue up to 2.5 bln euros in CoCo bonds-Reuters
Tuesday, 2 Sep 2014 03:27am EDT 

Banco Santander SA:Santander said it would issue up to 2.5 billion euros ($3.28 billion) in contingent convertible "CoCo" bonds, which can be converted into the bank's shares and are used to reinforce capital levels-Reuters.Lender said the issue would be targeted at professional investors, and is convertible into new Santander shares.Terms and price of the deal have not yet been set.These types of securities usually convert into shares or are wiped out if a bank's equity capital falls below a set level.  Full Article

Moody’s Investors Service upgrades Banco Santander SA covered bond ratings to A3 - Reuters
Tuesday, 29 Jul 2014 07:55am EDT 

Banco Santander SA:Moody’s Investors Service upgrades Banco Santander SA covered bond ratings to A3 - Reuters.  Full Article

Banco Santander gives further details on script dividend
Friday, 11 Jul 2014 11:49am EDT 

Banco Santander SA:Resolves to execute share capital increase and has fixed overall market value of increase (amount of alternative option) in 1,825 million euros.Increase serves as instrument for shareholder-remuneration program named Santander Dividendo Eleccion which shall be applied to the first 2014 interim dividend in July / Aug. 2014.Number of free allotment rights needed to receive new share is 49.Number of shares to be issued is 240,368,992.In view of number of shares to be issued, maximum amount of increase is 120,184,496 euros.Gross price at which Banco Santander undertakes to purchase rights is 0.152 euro per right.Those shareholders willing to receive their remuneration in cash, will be able to sell their free allotment rights to Banco Santander at fixed gross price of 0.152 euro.Cash payments to those shareholders who have so requested on Aug. 1.  Full Article

Banco Santander SA partners with CNP
Thursday, 10 Jul 2014 02:31am EDT 

Banco Santander SA:Banco Santander and CNP have reached definitive agreement by which the French insurance company will acquire 51 pct stake in three companies that service Santander's consumer finance unit (SCF) and which are based in Irelan.Under terms of agreement, SCF will distribute on an exclusive basis the whole range of products sold to SCF customers in several countries where it operates, including Germany, Spain and Nordic countries.Agreement, which is subject to trelevant regulatory authorizations, values the insurance companies, which distribute life and non-life products through SCF, at 568 mln euro.Transaction, which is expected to close before the end of the year, will generate net capital gain for Grupo Santander of 250 mln euro, which will be fully used to strengthen the balance sheet.  Full Article

Banco Santander SA agrees to acquire GE Money Bank AB, GE Capital's consumer finance business in Sweden, Denmark and Norway
Monday, 23 Jun 2014 02:33am EDT 

Banco Santander SA:Says it agrees to acquire GE Money Bank AB, GE Capital's consumer finance business in Sweden, Denmark and Norway.Under the terms of the agreement, Banco Santander's consumer finance unit will buy GE Money Bank AB, GE Capital's consumer finance business in Sweden, Norway and Denmark (GE Money Bank).Purchase price of the transaction, expected to close in the second half of 2014, amounts to about 700 mln euros.  Full Article

Santander says former U.S. regulator Bair resigns from board

MADRID, July 30 - Spanish bank Santander said on Thursday former U.S. banking regulator Sheila Bair had resigned from its board after being named rector of Washington College in Maryland.

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