Another acquisition, but this time its by a foreign bank. Banco Santander of Spain already owns a significant potion of Sovereign Bank, and they will now own it all.
Sovereign went on a large expansion track several years ago, and in my humble opinion weathered the storm quite well considering that they almost overextended themselves. The investment by Santander a few years ago was helpful, and I’m sure many an employee and customer of Sovereign are glad to learn the news. Its hard to say though, some employees may fear getting laid off.
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