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Santander Bancorp Announces Definitive Agreement to Acquire Santander Securities
SAN JUAN, Puerto Rico, Dec. 2 /PRNewswire-FirstCall/ -- Santander BanCorp
(NYSE: SBP; LATIBEX: XSBP), announced today the execution of a definitive stock
purchase agreement to acquire Santander Securities Corporation ("Santander
Securities") from Administracion de Bancos Latinoamericanos Santander, S.L.
("ABLASA"), a wholly-owned subsidiary of Banco Santander Central Hispano, S.A.
Santander Bancorp will acquire all of the common stock of Santander Securities
for a purchase price of $62 million.
The acquisition is expected to be accretive to Santander BanCorp's earnings per
share. Taking into account this business combination, the pro forma earnings per
share for the nine months ended September 30, 2003 would have increased by $0.15
to $0.46 per share, and for the year ended December 31, 2002 would have
increased by $0.08 to $0.46 per share. These pro forma earnings per share
include the cost of funds associated with the debt expected to be issued to
effect this transaction.
The transaction, which is subject to normal regulatory approvals, is expected to
close by December 31, 2003.
Jose R. Gonzalez, President and CEO of Santander BanCorp, said "With this
acquisition Santander BanCorp becomes a diversified financial services company
positioned to deliver a full range of financial products and services to our
customers, with the addition of the securities broker-dealer and asset
management businesses to its commercial banking, consumer lending, mortgage
banking and insurance lines of business. It also incorporates an important
client base served by a first class team of financial consultants and portfolio
managers." Gonzalez founded Santander Securities in 1996 and was its President
and CEO until September 2001. Carlos M. Garcia is currently the President and
CEO of Santander Securities.
Santander Securities is the second largest full service securities broker-dealer
in Puerto Rico with approximately $5.7 billion in assets under management,
composed of over $3.6 billion in customer assets at the retail broker-dealer and
$2.1 billion in managed mutual fund gross assets and institutional accounts at
its wholly-owned subsidiary, Santander Asset Management Corporation.
Santander Securities is a registered broker-dealer and a member of the National
Association of Securities Dealers, Inc. and Securities Investors Protection
Corporation. With a staff of 144 professionals, it offers full securities
brokerage services, including retail and institutional sales, trading,
investment banking, asset management and research. Santander Securities'
principal office is located at 221 Ponce de Leon Avenue, San Juan, Puerto Rico.
It also has several offices in Puerto Rico and an office at 1401 Brickell Avenue
in Miami, Florida.
Santander BanCorp is a publicly held financial holding company that is traded on
the New York Stock Exchange and on Latibex (Madrid Stock Exchange). It has two
wholly owned subsidiaries, Banco Santander Puerto Rico and Santander Insurance
Agency. Banco Santander Puerto Rico has been operating in Puerto Rico for 26
years. It offers a full array of services in the areas of commercial, mortgage
and consumer banking supported by a team of over 1,500 employees, with 66
branches. Santander Insurance Agency offers life, health and disability coverage
as a corporate agent and also operates as a general agent. For more information,
visit the Company's website at http://www.santandernet.com/.
Banco Santander Central Hispano, S.A. (SAN.MC, STD.N) is the largest financial
group in Spain and Latin America by profits, and the second largest bank in the
Euro Zone by market capitalization. Founded in 1857, it has forged important
business initiatives in Europe, including a 15-year old alliance with The Royal
Bank of Scotland, ownership of the third largest banking group in Portugal and
the leading independent consumer finance franchise in Germany.
This press release contains forward-looking statements that are based on current
expectations, estimates, forecasts and projections about the industry in which
the Company operates, its beliefs and its management's assumptions. Words such
as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans,"
"believes," "seeks," "estimates" and variations of such words and similar
expressions are intended to identify such forward-looking statements. These
statements are not guarantees of future performance and involve certain risks,
uncertainties and assumptions that are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed or forecast in
such forward-looking statements. Factors that may cause actual results to differ
materially from such forward-looking statements include, among others, the
following: (1) general economic conditions are less favorable than expected; (2)
competitive pressures among financial services companies in Puerto Rico increase
significantly; (3) substantial changes in levels of market interest rates and
prices may adversely impact funding sources and the value of financial products
and assets; (4) legislation or regulatory changes adversely affect the
businesses in which the Company is engaged; and (5) litigation liabilities,
including costs, expenses, settlements and judgments, may adversely affect the
Company or its businesses. Except as otherwise required under federal
securities laws and the rules and regulations of the SEC, the Company does not
have any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events, changes in
assumptions or otherwise.
The pro forma information provided herein is not indicative of future results of
operations.
DATASOURCE: Santander BanCorp
CONTACT: Carlos M. Garcia, +1-787-759-5370, or Evelyn Vega,
+1-787-777-4546, both for Santander BanCorp
Web site: http://www.santandernet.com/