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| Name | Symbol | Market | Type |
|---|---|---|---|
| Banco Santander SA | NYSE:SAN | NYSE | Depository Receipt |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.01 | 0.20% | 4.92 | 4.92 | 4.8601 | 4.88 | 1,420,298 | 23:35:41 |
From Jul 2023 to Jul 2024
By Ben Glickman
Santander has purchased a 20% stake in a $9 billion portfolio of real estate loans formerly owned by Signature Bank.
The Federal Deposit Insurance Corp. assumed control of Signature Bank's assets earlier this year after the bank failed. The regulator said the deal with Santander-controlled SBNA Investor was its final deal as part of the auctioning of Signature's $33 billion commercial real estate portfolio.
Santander will pay $1.1 billion for its one-fifth stake, valuing the total portfolio at $5.5 billion, and will service all of the assets in the portfolio.
The FDIC said the portfolio was composed of $9 billion in loans collateralized by rent-stabilized or rent-controlled properties.
The FDIC will keep an 80% equity stake in the joint venture.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
December 20, 2023 12:07 ET (17:07 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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