Santander Closes on Transaction with the FDIC to Service Signature Banks Multifamily Real Estate Assets
Summary
("Santander" or "the Bank") today announced that it has closed a transaction with the Federal Deposit Insurance Corporation (FDIC) to participate in a joint venture that consists of a $9 billion portfolio of New York based multifamily real estate assets retained by the FDIC following the failure of Signature Bank. "This transaction underscores our strength and scale, leveraging our considerable expertise in the sector," said Ana Botín, Banco Santander executive chair. The transaction will be accretive starting in 2024 and consume approximately two basis points of Santander Group CET1, to be paid back within three years. Santander was advised in this transaction by Wachtell, Lipton, Rosen & Katz, Davis Polk, and Chain Bridge Partners. With its corporate offices in Boston, the Bank’s nearly 9,000 employees and more than 2 million customers are principally located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania and Delaware.