Monitor has learned from reliable industry sources that Santander Bank, in an effort to drive capital savings and core C&I, is planning to exit the equipment finance industry in the U.S., consistent with a similar shutdown of EFL in the UK.
Sources additionally report that an asset purchase agreement has been signed with Sterling National Bank (No. 51 on the Monitor 100) to acquire the equipment finance business from Santander.
Though Santander’s equipment finance division has posted consistently good, sustainable results – reaching No. 47 on the Monitor 100 list this past June – the parent bank in Madrid has decided to realign its focus on its core commercial footprint in C&I and focus on clients that can drive a more traditional commercial bank cross sell.
This is a developing story. We will provide more updates as they become available.
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