4th Apr 2008 11:27
Banco Santander S.A.04 April 2008 Press Release Santander agrees in principle to acquire RBS' European consumer finance unit •RBS ECF includes 2.3 million customers in Germany, the Netherlands, Belgium and Austria Madrid/Monchengladbach, April 4, 2008 - Santander Consumer Finance has agreed inprinciple to acquire the continental European consumer finance business of theRoyal Bank of Scotland (RBS). The package includes business activities inGermany, the Netherlands, Belgium and Austria. The acquisition will be carriedout by Santander Consumer Holding GmbH and Santander Consumer Finance GermanyGmbH. Santander Consumer is a leading provider of consumer finance in Germanyand the market leader in independent car financing. The RBS European consumer finance unit has 861 employees serving 2.3 millioncustomers in Germany, the Netherlands, Belgium and Austria. Assets in 2007averaged EUR 2.2 billion. RBS ECF makes instalment loans both directly and viapartners. It is strongly represented in the credit card business, both in termsof private and corporate customers, and provides consumer finance via retailchains. The acquisition is conditional upon a definitive agreement and the relevantapprovals from various national authorities, including the German banksupervision authority and the cartel authority. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Banco SantanderRBS.L