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 BotÃn 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!”
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