Santander: sells US branches to First Commonwealth
(CercleFinance.com) - Santander has agreed to sell 14 branches in Pennsylvania to First Commonwealth as the Spanish bank is reallocating investments to core growth markets.
The sale includes approximately 525 million dollars of deposits and 120 million dollars of retail and business loans, Santander said.
Santander has approximately 9,600 employees and over 600 branches in the US, with over two million clients, mainly found on the East Coast.
The deal is expected to close in the third quarter of 2019.
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