Exhibit 99.3
                                                                                
                        Consent of Independent Auditors


We consent to the incorporation by reference in the Registration Statements     
(Form S-8 No. 33-20186, Form S-8 No. 33-29038, Form S-8 No. 33-39453, Form S-8  
No. 33-44108, Form S-8 No. 33-89586, Form S-8 No. 33-89592, Form S-8 No.        
333-05309, Form S-8 No. 333-05251 Form S-3 No. 33-46870, and Form S-3 No.       
333-09113) of Sovereign Bancorp, Inc. of our report dated May 27, 1997, with    
respect to the supplemental consolidated financial statements of Sovereign      
Bancorp, Inc. included in its Current Report on Form 8-K to be filed on or about
June 13, 1997, filed with the Securities and Exchange Commission.               


/s/ ERNST & YOUNG LLP
Reading, Pennsylvania
June 12, 1997