Agreement with Bank of Shanghai and HSBC

RNS Number : 2075V

Banco Santander S.A.

10 December 2013

 

MATERIAL FACT

Banco Santander, S.A. ("Santander") announces that it has entered into an strategic and technical cooperation agreement with Bank of Shanghai, a bank in the People's Republic of China ("PRC"). Likewise, Santander has agreed to acquire from The Hongkong and Shanghai Banking Corporation Limited ("HSBC"), a wholly-owned subsidiary of HSBC Holdings plc, its 8% shareholding in Bank of Shanghai.

Santander estimates that its combined investment in the transaction, comprising the consideration for acquiring the 8% shareholding from HSBC and the costs for providing the strategic and technical cooperation to Bank of Shanghai, will reach approximately 470 million euros. The investment will have an impact of approximately 1 basis point on Grupo Santander's capital.

Santander expects to close the acquisition of its shareholding in Bank of Shanghai during the first semester of 2014, once the regulatory authorizations to which the transaction is subject are obtained.

Boadilla del Monte (Madrid), 10 December, 2013

 

END

 

 

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