Santander snaps up German bank branches
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Santander has reached a deal to buy Skandinaviska Enskilda Banken Group’s commercial banking business in Germany, which will nearly double its branch presence in the country.
Santander Consumer Bank AG is set to acquire SEB’s commercial banking business forapproximately €555m.
The acquisition will have an impact of about 10 basis points on Santander’s core capital ratio, which stood at 8.8 per cent at March 31, 2010.
Following the acquisition of SEB’s commercial banking business in Germany, which includes 173 branches and serves one million customers, the number of branches of Santander Consumer Bank’s network in Germany will be almost doubled.
Santander expects the transaction will complete in 2011, after regulatory approval has been granted.
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