31st Aug 2010 07:00
MATERIAL FACT ANNOUNCEMENT
Grupo Santander ("Santander") announces that it has reached an agreement with HSBC to purchase a USD 4.3 billion auto loan portfolio in the USA, for a total consideration of approximately USD 4 billion. The portfolio amount represents the carrying amount of the loans at 30 June 2010, and the purchase price is subject to post-closing adjustments.
Santander Consumer USA is already servicing the auto loan portfolio to be acquired.
The transaction will only require USD 342 million financing from Grupo Santander, since it carries financing from a third party as well as assumptions of existing securitizations pertaining to part of the portfolio.
The transaction is expected to close during the third quarter of 2010, and is subject to regulatory notifications and usual closing conditions.
Boadilla del Monte (Madrid), August 27, 2010
Related Shares:
Banco Santander