BOSTON, Aug. 16, 2018 /PRNewswire/ -- Santander Holdings
USA, lnc. ("SHUSA") today
confirmed that the Board of Governors of the Federal Reserve System
has authorized the Federal Reserve Bank of Boston to terminate its July 2, 2015, Written Agreement with SHUSA.
Since 2015, SHUSA has made substantial enhancements with respect
to board oversight, compliance, risk management, capital planning
and liquidity risk management. The termination of the 2015 Written
Agreement marks the fourth major regulatory milestone SHUSA has
reached in the last 12 months, including terminating its 2014
Written Agreement with the Federal Reserve in August 2017, earning an upgraded Community
Reinvestment Act rating in April, and passing the quantitative
portion of the Federal Reserve's horizontal capital review (HCR)
for the second consecutive time in June.
The company continues to build momentum on the business side as
well. The second quarter of this year was strong for Santander US
with earnings up double-digits over the same time last year driven
in large part by strong performance at Santander Consumer
USA.
"Today's announcement is our most significant step yet towards
resolving our legacy issues," said Scott
Powell, SHUSA and Santander US CEO. "We've had a great year
in 2018, both in terms of improving profitability and returning to
normal operating standards. While we still have work to do, we look
forward to building on our momentum as we seek to cement a culture
focused on the highest levels of compliance and customer
service."
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 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
Laurie Kight
214-237-3690
lkight@santanderconsumerusa.com
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SOURCE Santander Holdings USA,
Inc.