Banco Santander Central Hispano is to purchase roughly 90 million shares of Sovereign Bank for approximately $2.4bn in cash. The $784bn-in-assets Banco Santander will now be the bank’s largest shareholder with a 20 per cent stake. Banco Santander is the largest financial group in Spain and Latin America and is a major institution elsewhere in Europe, together with the United Kingdom through its Abbey subsidiary and Portugal, where Santander is the third largest banking group. Under the agreement, following its completion of the 20 per cent stake of Sovereign, Santander has the option to increase its ownership up to 24.9 per cent over the next 24 months. After that period, Santander can choose to maintain its investment or increase it to 100 per cent.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.