Acquisition

RNS Number : 2157O

Banco Santander S.A.

24 June 2010

 

MATERIAL FACT ANNOUNCEMENT

Grupo Santander ("Santander") announces that it has reached an agreement with Citigroup Inc. ("Citi") to purchase $3.2 billion of CitiFinancial Auto's auto loan portfolio. In addition, Santander and Citi have entered into an agreement under which Santander will service a portfolio of $7.2 billion of auto loans that will be retained by Citi.

Santander will purchase the $3.2 billion portion of the portfolio at a price equal to 99% of the value of the gross receivables.

The transaction is expected to close by the end of the third quarter of 2010, and is subject to regulatory approvals and usual closing conditions.

Boadilla del Monte (Madrid), June 24, 2010

 

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