Santander Adds SEB's German Banking Unit For $702M

Law360, New York (July 12, 2010, 4:01 PM EDT) -- Spain's Banco Santander SA said Monday that it has agreed to snap up Skandinaviska Enskilda Banken AB's German retail banking business in a deal worth €555 million ($702 million), a move that will double the number of branches in its consumer network in Germany.

The acquisition of SEB's unit by Santander Consumer Bank AG will complement Santander's leadership in consumer finance in Germany with a broader retail banking business, Santander said in a statement.

SEB’s retail network of 173 branches serves 1 million customers, including 10,000...
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