Santander renews talks on bank merger
By Tracy Rucinski |
August 18, 2010, Wednesday
|
Print Edition
Print Edition
SPAIN'S Santander has renewed talks to merge its United States operations with New York regional lender M&T Bank Corp, the Financial Times reported yesterday, as it resumes its pursuit of the American market.
Talks about merging Santander's Sovereign Bank into M&T stalled in May over who would control the enlarged business, sources told Reuters.
However, the two banks have again started exploring a deal and have sounded out the views of regulators, including the Federal Reserve, the FT said, citing people familiar with the matter.
Santander declined to comment.
The bank has made a string of purchases this year, including the buyout of its Mexican division and Royal Bank of Scotland's UK branches, to bulk up its overseas markets and offset weak business in Spain after a severe slump.
Santander's ambitions to expand its US presence are no secret, and the bank wants to ensure control over the positions it acquires. It bought 25 percent of Sovereign in 2006 for US$3.3 billion before buying the remainder of the troubled bank in early 2009.
"We don't believe the Spanish group to be willing to become a minority shareholder in the merged (M&T) entity," said BPI analysts in a note to clients.
Talks about merging Santander's Sovereign Bank into M&T stalled in May over who would control the enlarged business, sources told Reuters.
However, the two banks have again started exploring a deal and have sounded out the views of regulators, including the Federal Reserve, the FT said, citing people familiar with the matter.
Santander declined to comment.
The bank has made a string of purchases this year, including the buyout of its Mexican division and Royal Bank of Scotland's UK branches, to bulk up its overseas markets and offset weak business in Spain after a severe slump.
Santander's ambitions to expand its US presence are no secret, and the bank wants to ensure control over the positions it acquires. It bought 25 percent of Sovereign in 2006 for US$3.3 billion before buying the remainder of the troubled bank in early 2009.
"We don't believe the Spanish group to be willing to become a minority shareholder in the merged (M&T) entity," said BPI analysts in a note to clients.
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