Exhibit 99.1
FOR IMMEDIATE RELEASE
Media Contact: Bryan Hurst
Office:617-346-7438
Mobile: 857-207-2086 bhurst@sovereignbank.com
SovereignBank Approved for a National Bank Charter
Boston (November 14, 2011)– Sovereign Bank, a wholly-owned indirect subsidiary of Banco Santander, S.A. announced today that it has received formal approval from federal regulators to convert froma savings bank to a national bank. Additionally, SantanderHoldings USA, Inc., which directlyowns Sovereign Bank, has received approval to become a bank holding company. The respective conversions will take effect in early2012.
The conversion to a National Bankcharter is just oneof severalmajor initiatives underway to strengthenSovereign andSantander’s position in the United States.
The shift to a National Bank provides Sovereign with greater flexibility to meet the financial needs of more clients andcustomer segments, including inparticular, large corporations. To support the Bank’s continued growth,Sovereign has been making significantinvestments to implement Santander’s state-of-the-art informationtechnology platform.
“We are very pleased to have receivedapproval to convert to a National Bank,” said Jorge Morán, Sovereign Bank President andCEO and Santander U.S. Country Head. “This is a significant step in our strategic growth plans and will allow us toprovide more and better services to our customersand clients.”
About Santander Holdings USA, Sovereign andBanco Santander
Santander Holdings USA, Inc. (SAN.MC, STD.N)is awhollyowned subsidiary of BancoSantander, S.A., and wholly owns Sovereign Bank and Santander Consumer USA. Banco Santander isa retail andcommercialbank, headquartered in Spain, with a presence in10 main markets: Spain, Portugal, Germany, the UK, Poland, Brazil, Mexico, Chile, Argentina and theU.S. Founded in1857, Santander more than100 millioncustomers, 14,709 branches – more than anyother international bank –and more than190,000 employees. Formore information onSantander, visit http://www.santander.com.
Sovereign Bank is a financial institutionwith principal markets in the northeastern United States. Sovereign has more than700 branches, nearly 2,300 ATMs, andapproximately 8,000 team members. For more information on Sovereign Bank, visithttp://www.sovereignbank.com or call 877-SOV-BANK.
Cautionary Statement Regarding Forward-Looking Information
Santander Holdings USA, Inc., BancoSantander, S.A. and Sovereign Bankcaution that this press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statementsconcerning our future business development and the impact of Sovereign Bank’s charter conversion. While theseforward-looking statements represent our judgment and future expectations concerning the development ofour business, anumber of risks, uncertainties and other important factors could cause actualdevelopments to differ materially from our expectations. These factors include, butare notlimited to: (1) general market,macro-economic, governmental and regulatory trends; (2)movements inlocaland international securities markets, currency exchange rates, and interest rates;(3) competitive pressures; (4) technological developments; and (5) changes in the financial position or credit worthiness of our customers, obligorsand counterparties. The risk factors and other key factors indicated in our past andfuture filings and reports, including those withthe U.S. Securitiesand Exchange Commission, could adversely affect the development of our business.Other unknown or unpredictable factorscould causeactual developments to differ materially fromthose in the forward-looking statements. The information contained in this presentation is subject to, and must beread in conjunction with, all other publicly available information. Any person atany time acquiring securities must dosoonly on the basisof such person's own judgment as to the merits or the suitability of the securities for its purposeand only on such information as iscontained in suchpublic information having taken all such professionalor other advice asit considersnecessaryorappropriate in thecircumstances andnot in reliance on the information contained inthe presentation.
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