Sovereign Bank
From Wikipedia, the free encyclopedia
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| Type | Subsidiary (Formerly Public, NYSE: SOV) |
|---|---|
| Headquarters | Wyomissing, Pennsylvania, USA |
| Key people | Gabriel Jaramillo, Chairman and CEO |
| Industry | Savings & Loans |
| Revenue | ▲$5.274 billion USD (2007)[1] |
| Operating income | ▼$177 million USD (2007)[2] |
| Net income | ▼$1.349 billion USD (2007)[3] |
| Employees | 12,000 (2007)[4] |
| Parent | Grupo Santander |
| Website | http://www.sovereignbank.com |
Sovereign Bank is a wholly-owned subsidiary of the Spanish Grupo Santander. Based in Wyomissing, Pennsylvania, the bank—whose principal market is in the Northeastern United States—has more than $90 billion in assets, operates 750 retail banking offices, over 2,300 ATMs (including 1,100 in CVS pharmacies throughout the Northeast) and employs approximately 12,000 people.[5] Sovereign offers an array of financial services and products including retail banking, mortgages, corporate banking, cash management, capital markets, trust and wealth management, and insurance.
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[edit] History
Sovereign bought the naming rights to Mercer County's new arena in 1999 in support of newly acquired Trenton Savings Bank (formerly TSFS) and other New Jersey branches for a ten year term. In following years, the bank also named the Sovereign Center Arena and Performing Arts Center in Reading, Pennsylvania, and Sovereign Bank Stadium in York, Pennsylvania.
On June 1 2006, Sovereign Bank purchased Independence Community Bank Corp. of Brooklyn, New York, for US$3.6 billion in cash. Sovereign completed the transition process of Independence and S.I. Bank & Trust customers on September 9 2006. Sovereign financed this merger by selling a 20% stake in the bank to Spain's Banco Santander Central Hispano.[6]
In June 2006, Banco Santander purchased almost 20% of Sovereign Bank for US$2.4 billion. As Banco Santander owned 25% of Sovereign, it had the right to buy the bank for $40 per share for one year beginning in the middle of 2008.[7]
On October 13, 2008, Banco Santander agreed to purchase the remainder of Sovereign for US$1.9 billion (1.4 billion euros).[8] Sovereign Bank had been severely affected by losses related to auto loans and stock in Fannie Mae and Freddie Mac. [9]
On January 30, 2009, Banco Santander completed its acquisition of Sovereign Bank, for about $2.51 per share.[10]
[edit] Parent company
Banco Santander, founded in 1857 in Cantabria, (Cantabria, Spain) is the largest bank in Europe,[11] replacing HSBC, which used to be the first in terms of market capitalization.[12] It is the third largest bank in the world in terms of profits.[13] Worldwide, Santander consists of 90 million customers, employs over 180,000 people, and operates more than 13,650 branches—more than any other international bank.[14] At the close of 2008, Santander had EUR 1,168 billion in managed funds[15] and €8,876 million in net attributable profit (an increase of 9% from 2007).[16]
Currently, Santander is a corporate sponsor of the McLaren-Mercedes Formula 1 team[17] and the Copa Libertadores de America.
On 1 December 2008, Santander announced that their Formula One sponsorship deal with McLaren will end in 2010, when Santander will become Ferrari's main sponsor. However, in September 2009, Santander announced that it will continue its sponsorship with Vodafone McLaren-Mercedes due to its brand awareness rising from 20 to 82 percent.[18]
[edit] Notes
- ^ http://finance.yahoo.com/q/is?s=SOV&annual
- ^ http://finance.yahoo.com/q/is?s=SOV&annual
- ^ http://finance.yahoo.com/q/is?s=SOV&annual
- ^ http://finance.yahoo.com/q/pr?s=SOV
- ^ http://www.sovereignbank.com/companyinfo/company_information/our_history/company_history.asp
- ^ http://www.myindependence.com/IntegrationCalendar/
- ^ http://www.ydr.com/yorkbaseball
- ^ "Santander to Take Over Sovereign in $1.9 Billion Deal". Bloomberg News. 2008-08-14. http://www.bloomberg.com/apps/news?pid=20601085&sid=a0yVz86Nr0FE&refer=europe. Retrieved 2008-08-14.
- ^ http://www.nytimes.com/2008/10/13/business/13bank.html?ref=business
- ^ http://www.sovereignbank.com/companyinfo/investor_relations/news/company_news.asp?ID=932
- ^ The end of the beginning?
- ^ Per the Financial Times Global 500 quarterly update for Q2 2008. "FT Global 500 June 2008" (PDF). Financial Times. June 2008. http://media.ft.com/cms/1ec66660-48eb-11dd-9a5f-000077b07658.pdf. Retrieved 2008-07-14.
- ^ http://www.santander.com/csgs/Satellite?accesibilidad=3&canal=CAccionistas&cid=1148925257148&empr=SANCorporativo&leng=en_GB&pagename=SANCorporativo/Page/SC_ContenedorGeneral
- ^ http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1210606864287&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateA2
- ^ http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1210606864287&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateA2
- ^ http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1210606864287&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateA2
- ^ Title In My Grasp Says Hamilton
- ^ http://www.formula1.com/news/headlines/2009/9/9931.html
[edit] External links
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