Banco Santander, the family-controlled banking group, announced today that it will acquire the German retail banking business of Skandinaviska Enskilda Banken (SEB Group) for €555 million.
The acquisition adds 173 branches and around a million customers in Germany for Spain-based Santander. Family chairman Emilio Botin (pictured) said: "Germany is a core market for Santander. This acquisition is a significant step towards achieving our goal of being a full-service retail bank in Europe's largest market."
The deal is expected to close in 2011 and will see SEB's branches come under the control of Banco Santander's subsidiary Santander Consumer Bank AG.
This is the second major acquisition for Santander in recent months; June saw the family-controlled bank pay $2.5 billion for the remaining share it did not already own in Santander Mexico. (Continue reading here)
Santander is Spain's largest bank with 2009 revenues of €29.4 billion. The Botin family has managed the group since 1857, but until Emilio took over in 1986 it was a small, regional bank.
Emilio was awarded CampdenFB.com's inaugural Family Business Leader of the Year aware in 2008 for his success leading Santander. (Continue reading here)
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