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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.