RNS Number : 7229V
Banco Santander S.A.
02 June 2008
Following the notification dated 27th March 2008, Banco Santander hereby announces that it has reached a final agreement with General Electric ('GE') by which the Bank will acquire GE Money's units in Germany, Finland and Austria, its card units in the U.K. and Ireland and its automobile financing unit in the U.K. In turn, GE Commercial Finance will acquire Interbanca, an Italian institution specializing in wholesale banking which corresponded to Banco Santander as part of the distribution of ABN Amro assets agreed following Santander's acquisition of the latter together with The Royal Bank of Scotland and Fortis.
The agreed base price for both transactions amounts to EUR 1,000 million each, subject to different adjustments. These operations are expected to be concluded during the fourth quarter of 2008.
Boadilla del Monte (Madrid), 2nd June, 2008
This information is provided by RNS
The company news service from the London Stock Exchange