BOSTON, Aug. 24, 2017 /PRNewswire/ -- Santander Holdings
USA, lnc. (SHUSA) today announced
that the Board of Governors of the Federal Reserve System has
authorized the Federal Reserve Bank of Boston to terminate the September 15, 2014 Written Agreement with
SHUSA.
The agreement required SHUSA to obtain prior written approval
from the Federal Reserve before SHUSA or certain subsidiaries could
declare or pay dividends or make any capital distributions.
SHUSA has taken significant steps to strengthen its risk
management, governance and capital position. Today's announcement
follows the Federal Reserve's determination in late June that it
did not object to SHUSA's 2017 Capital Plan and planned capital
distributions, which the Company submitted as part of the Federal
Reserve's capital stress test.
"This is an important achievement and the second significant
regulatory milestone we have accomplished in recent weeks, which
underscores the key improvements we've made to strengthen our
capital position, risk management and governance," said
Scott Powell, Santander US CEO.
"Today's news means we are now moving into a normal capital
approval cycle, like most large banks in the U.S. While there is
still more work to do to fully address our outstanding regulatory
issues, we believe these announcements represent a turning point
for us." He added, "I am so proud of the work our team has done to
reach these important goals, which have made the company stronger
and position Santander US for a solid future."
Ana Botín, Banco Santander Executive Chairman, said, "We have
strengthened our business in the U.S. significantly in recent
years, and while we know there is more to do, the Federal Reserve's
announcement today is a clear demonstration of the significant
progress we've made. The United
States is an important market for Santander, and we are
fully committed to helping people and businesses across America
prosper."
About Santander Holdings USA, Inc.
Santander Holdings USA,
Inc. (SHUSA) is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN)
(Santander), one of the most respected banking groups in the world
with more than 125 million customers in the U.K., Europe, Latin
America and the U.S. As the intermediate holding company for
Santander's U.S. businesses, SHUSA includes six financial
companies with more than 17,500 employees, 5.2 million customers
and assets of over $135.1 billion.
These include Santander Bank, N.A., one of the country's largest
retail and commercial banks by deposits; Santander Consumer USA
Holdings, Inc. (NYSE: SC), an auto finance and consumer lending
company; Banco Santander International of Miami; Banco Santander Puerto Rico; Santander
Securities LLC of Boston; and
Santander Investment Securities Inc. of New York.
Media
Contacts:
Ann
Davis
617-757-5891
ann.davis@santander.us
Nancy Orlando
617-757-5765
nancy.orlando@santander.us
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SOURCE Santander Holdings USA,
Inc.