Banco Santander to take over Sovereign Bancorp in $1.9-billion deal (Los Angeles Times)
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The Spanish bank already owns nearly 25% of Philadelphia-based Sovereign and will buy the rest with stock. Banco Santander of Spain said Monday that it would buy the rest of Sovereign Bancorp Inc. that it didn’t already own for $1.9 billion, extending a wave of consolidation as the banking industry struggles to deal with a load of soured debt related to mortgages.
