The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
Approval of Applications by Santander Holdings USA, Boston, Massachusetts and Banco Santander, S.A. Boadilla del Monte Madrid, Spain
October 18, 2011
NEW YORK—The Federal Reserve Bank of New York approved applications by Santander Holdings USA, Inc., Boston, Massachusetts (SHUSA), for prior approval of the Board of Governors of the Federal Reserve System, to become a bank holding company upon the conversion of its federal savings bank subsidiary Sovereign Bank, Wilmington, Delaware (Sovereign), to a national bank, pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956, as amended (the BHC Act); and by Banco Santander, S.A., Boadilla del Monte Madrid, Spain, to retain control of SHUSA and Sovereign upon Sovereign’s conversion to a national bank, pursuant to Section 3(a)(3) of the BHC Act. This Reserve Bank also did not object to Sovereign’s prior notification of its retention of its initial foreign branch, pursuant to Section 211.3(b)(2) of Regulation K.
The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.