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Tuesday 27th of July 2010

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July 12, 2010

Santander to enhance position in Germany

by Richard Kilner

Story link: Santander to enhance position in Germany

Banco Santander and Skandinaviska Enskilda Banken (SEB Group) have agreed a deal whereby Santander Consumer Bank AG will acquire SEB Group’s retail banking business in Germany.

The agreement is expected to be completed in 2011, subject to the necessary regulatory approvals.

The deal, thought to be worth around €555m, will double Santander’s network of branches, adding 173 branches which serviced a million customers, including 10,000 SMEs.

Santander Chairman Emilio Botín has described Germany as a core market for the Spanish banking giant and went on to say that the acquisition was a significant step towards the firm’s goal of becoming a a full-service retail bank in Germany.

Santander Consumer Bank has 6 million customers, and achieved net profits of €385m last year, making it Germany’s sixth most profitable bank.

Santander was one of the few major Western banks to emerge not merely unscathed but stronger following the financial crisis, after which the banking giant bolstered its position in both the United Kingdom and Germany.

 

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