PHILADELPHIA, June 6 /PRNewswire-FirstCall/ -- Sovereign Bancorp, Inc.
("Sovereign") (NYSE: SOV), parent company of Sovereign Bank, announced
today that Banco Santander Central Hispano, S.A. ("Santander") has informed
Sovereign that it has commenced making open-market purchases of Sovereign
stock in reliance on SEC Rule 10b5-1, and that it will continue to make
Rule 10b5-1 purchases from time to time. Sovereign cannot predict the
price, volume or timing of any Santander purchases. Under the terms of the
Investment Agreement between Sovereign and Santander, Santander has the
right to increase its interest in Sovereign from 19.8% of outstanding
shares to 24.99% of outstanding shares through these open market purchases.
Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), is the parent
company of Sovereign Bank, an $83 billion financial institution with nearly
800 community banking offices, over 2,000 ATMs after giving effect to the
recently announced branding agreement in which Sovereign ATMs will be
placed in CVS/pharmacy locations and approximately 12,000 team members with
principal markets in the Northeast United States. Sovereign offers a broad
array of financial services and products including retail banking, business
and corporate banking, cash management, capital markets, wealth management
and insurance. Sovereign is the 18th largest banking institution in the
United States. For more information on Sovereign Bank, visit
http://www.sovereignbank.com or call 1-877-SOV-BANK.
Note: "Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995. Statements in this press release regarding Sovereign
Bancorp's business which are not historical facts are "forward-looking
statements" that involve risks and uncertainties. For a discussion of such
risks and uncertainties, which could cause actual future events to differ
from those contained in the forward-looking statements, see
"Forward-Looking Statements" in the Company's Annual Report on Form 10-K
for the most recently ended fiscal year.
SOURCE Sovereign Bancorp, Inc.
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Related links:
http://www.sovereignbank.com/
CONTACT:
FINANCIAL CONTACTS: Mark McCollom,
+1-610-208-6426 or mmccollo@sovereignbank.com, or Stacey Weikel,
+1-610-208-6112 or sweikel@sovereignbank.com; or MEDIA CONTACT:
Ed Shultz, +1-610-378-6159 or eshultz1@sovereignbank.com, all of
Sovereign Bancorp
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