Santander bought the German commercial banking division of SEB
Santander is one step closer Monday toward its goal of becoming a bank offering a full service commercial bank in Germany with the acquisition for 555 million euros in the division for the subject of Swedish SEB.
Santander seeks to expand its presence in Europe, especially Germany and Great Britain, and the high growth markets such as Latin America.
"Germany is an important market for Santander.This acquisition is an important step towards achieving our goal of being a commercial bank offering a full service in Europe, "said its chairman Emilio Botin said in a statement.
The Spanish bank believes that its ratio of Tier One capital could fall by ten basis points due to the acquisition, the amount is close to 500 million previously reported by sources close to the situation.
According to head of operations in Latin America, Santander, Francisco Luzon, quoted by the Financial Times, Santander plans to strengthen Colombia and Peru, where its market shares are between 10 and 20%.
Around 9:15 GMT, Santander and SEB yielded respectively 0.69% and 0.76%, while the Stoxx index comprising the major European banking stocks lost 0.66%.
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