Nothing but negotiation

The Gap Partnership

Santander holds international business negotiations with US bank

Spanish firm looks to tie-up with M&T Bank

17 August 2010

Spanish bank Santander and US firm M&T Bank could be set to employ mergers and acquisitions advisers as the two companies seek a partnership.

The two firms are looking to form a new operation in the US, with Santander seeking to combine its US division - Sovereign - with Buffalo-based M&T.

Negotiations between the two firms over the same deal collapsed in May as it was unclear which firm would gain control of the new operation.

However, according to the Financial Times (FT), talks have started once again and both sides have looked to regulators, including the Federal Reserve, for their opinion on the deal.

The FT also noted that Santander advisers have yet to resolve the issue of who would control the combined business.

Santander is looking to continue its policy of expanding its operations following its acquisition of Royal Bank of Scotland branches and is aiming to increase its presence in the US market. 

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