Davis Polk Reps Santander In $2.5B BofA Deal

Law360, New York (June 9, 2010, 2:56 PM EDT) -- Banco Santander SA plans to pick up Bank of America Corp.’s 24.9 percent stake in the Spanish bank’s Mexican subsidiary for $2.5 billion in cash in a move that will give the firm almost complete control over the unit.

Banco Santander said Wednesday that it will have 99.9 percent ownership in Mexico City-based Grupo Financiero Santander after reaching a deal to buy back Bank of America’s stake in the subsidiary.

The transaction, which still has to be approved by regulators, is likely to be completed in...
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