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Monday, 17 December 2012

Banco Santander is to absorb the Banesto bank.

 It was announced today that the Banesto bank is to be absorbed into the Banco Santander group, along with the Banif bank.
Banco Santander currently holds 89.74% of Banesto’s share capital.

Announcing the Board of Directors decision the Banco Santander Chairman Emilio Botín said: “This is a good transaction for everyone. For the shareholders of Santander and Banesto, who will receive a premium of 25% and shares with the most attractive dividend in the market; for customers of Banesto, who will have access to the Group’s 14,000 branches around the world; and for employees, who will be able to have international careers. Santander is the strongest, most solid bank in Spain.”

Santander, Banesto and Banif customers will also benefit from the integration through access to a broader branch network, with 4,000 branches in Spain under a single corporate brand. Brand Finance has ranked Santander as the most valuable banking brand in Spain and the fourth most valuable in the world. The merger of the two networks under a single brand will boost Grupo Santander’s growth in both loans and deposits.

Moreover, Banesto customers will benefit from the integration through access to a wider range of products and the largest international branch network in the world, with more than 14,000 offices in twelve markets: Spain, the U.K., Germany, Poland, Portugal, the U.S., Brazil, Mexico, Chile, Argentina, Uruguay and Puerto Rico.

The merger will be completed in May next year. The operational and brand integration will be completed in 2013.

As Banesto is our current bank I will follow this development with interest, especially as our local Banesto branch was closed on Thursday 13th December. When we were in there paying in some money, at approximately 10:30 a.m. we were informed that the branch was closing. We asked “when will that be?” We were told: “In about one hour from now!”

Banco Santander to absorb Banesto and Banif, combining its brands in Spain

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