Spanish bank buys Sovereign

October 15, 2008 08:07AM

The Spanish bank Santander has purchased the remaining three-quarter stake it did not already own in Sovereign Bancorp for $1.9 billion. The Philadelphia-based company has 750 branches, including some locations in each of the five boroughs. Experts believe that following the acquisition of national banks, more regional banks like Sovereign will soon get eaten up.

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