Banco Santander S.A. - SAN STOCK NEWS

Santander Holdings USA, Inc. (SHUSA) has extended the expiration date of its tender offer to acquire all outstanding common stock of Santander Consumer USA Holdings Inc. (SC) to November 9, 2021, offering $41.50 per share. The tender offer began on September 7, 2021, and follows a merger agreement signed on August 23, 2021. The transaction requires regulatory approval but not shareholder consent, with expectations to close in Q4 2021. Approximately 11.1 million SC shares have been tendered as of November 2, 2021.

Santander Holdings USA, Inc. (SHUSA) has extended the expiration of its tender offer for all outstanding shares of Santander Consumer USA Holdings Inc. (SC) to November 2, 2021, at an offer price of $41.50 per share. The tender offer commenced on September 7, 2021, and is part of a merger agreement dating back to August 23, 2021. The transaction is subject to customary closing conditions, including federal regulatory approval, and is expected to close in Q4 2021. As of October 19, 2021, approximately 13.7 million shares of SC have been tendered.

Santander Holdings USA, Inc. (SHUSA) has extended its tender offer to acquire all outstanding shares of Santander Consumer USA Holdings Inc. (NYSE: SC) at $41.50 per share. The tender offer, initially set to expire on October 4, 2021, will now close on October 19, 2021. Following this, a second-step merger will occur where SC will become a wholly-owned subsidiary of SHUSA. The transaction awaits regulatory approval from the Federal Reserve and is expected to close in late October 2021, with no shareholder approval required.

Santander CIB has announced its role as financial advisor and joint lead arranger for the $2.3 billion financing of Vineyard Wind 1, the first large-scale offshore wind project in the U.S. This 800 MW project, located off Martha’s Vineyard, aims to supply electricity to over 400,000 homes, save ratepayers $1.4 billion over 20 years, and reduce carbon emissions by more than 1.6 million tons annually. Onshore construction commences this year, with power expected to be delivered in 2023.

Santander Holdings USA has appointed Ashwani Aggarwal as the new Chief Risk Officer, effective August 24, 2021. Aggarwal, who joined Santander in 2019, will oversee risk management and compliance for SHUSA and its U.S. businesses, working closely with leadership to balance risk and business needs. He brings nearly 20 years of experience, including roles at JPMorgan Chase and GE Capital. This leadership appointment underscores Santander's commitment to internal talent development.

Santander Holdings USA and Santander Consumer USA Holdings (NYSE: SC) announced that the Federal Reserve has terminated its 2017 Written Agreement, indicating improvements in risk management and compliance. Since 2015, both entities have focused on enhancing board oversight and risk strategies. This termination reflects the Federal Reserve's acknowledgment of the progress made by Santander. SC operates with an average managed asset portfolio of approximately $64 billion, serving over 3.1 million customers. Leaders express optimism about the future and the company’s commitment to high operational standards.

Santander Bank has partnered with Roostify to launch a new digital home lending platform called EZApply, aimed at improving the mortgage application process. The platform streamlines loan applications and allows customers to submit documents online, enhancing efficiency and communication between customers and the lending team. Since its launch in August, Santander has reported a significant reduction in processing times, with loan approvals nearly 50% faster and mortgage loans funded almost 40% quicker than traditional methods. This partnership is part of Santander's ongoing efforts to digitize and simplify its banking services.

Santander Holdings USA, Inc. has received approval from the Federal Reserve Board to make exceptions to the interim policy regarding the Dodd-Frank Act Stress Test. This approval allows Santander Consumer USA Holdings Inc. (NYSE: SC) to consider declaring a quarterly cash dividend of $0.22 per share in Q3 2020, payable on August 24, 2020. Additionally, SC may continue its share repurchase program through the end of Q3 2020. The policy exceptions are specific to Q3 2020, with capital actions dependent on business performance and market conditions.

Santander Holdings USA, Inc. (SHUSA) and its subsidiary, Santander Consumer USA Holdings Inc. (NYSE: SC), announced their 2020 Dodd-Frank Act Stress Test (DFAST) results. SHUSA's capital ratios placed it in the top quartile among banks, with a minimum Stressed Capital Buffer of 2.5%. As of March 31, 2020, SHUSA had a CET1 ratio of 14.3%, while SC's was 13.8%. Both companies will not pay dividends in Q3 2020 due to Federal Reserve restrictions. SHUSA emphasizes its capital planning resilience amid economic uncertainty related to COVID-19.