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Santander buys portfolio of U.S. car loans from HSBC

Spain’s biggest banking lender, Santander, has bought a portfolio of U.S. car loans from HSBC Holdings Plc for a cool $4 billion.

Spain’s biggest banking lender, Santander, has bought a portfolio of U.S. car loans from HSBC Holdings Plc for a cool $4 billion.

It’s a significant step for the banking giant, as the loans, which will have a face value of $4.3 billion, will be managed and controlled by the companies U.S. consumer finance sector.

Santander has said that the deal will cost them, in reality, $342 million due to most of the portfolio already being financed.

Chief Executive Officer, Alfredo Saenz, stated that Santander won’t need to raise any finances to acquire such purchases, meaning the bank is seemingly confident of its financial security.
 

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