8-K filed December 20, 2023, 6:59 PM ET ticker SNUS-PI CIK 0000811830

M&A confidence high sentiment positive materiality 0.75

Santander closes JV with FDIC, acquires 20% stake in $9B multifamily portfolio from Signature Bank

Santander Holdings USA, Inc.

Acquired 20% equity stake in joint venture for $1.1B; will service 100% of the $9B multifamily loan portfolio.
Portfolio consists of NYC rent-controlled/rent-stabilized multifamily loans retained by FDIC after Signature Bank failure.
Transaction expected to be accretive starting in 2024; consumes ~2 bps of Santander Group CET1, payback within 3 years.
Deal leverages Santander's $13.5B multifamily portfolio and Outstanding CRA rating; advised by Wachtell Lipton, Davis Polk, Chain Bridge.

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