December 10, 2008

Approval of proposal by Banco Santander

For immediate release

The Federal Reserve Board on Wednesday announced its approval of the proposal by Banco Santander, S.A., Madrid, Spain, to acquire all the voting shares of Sovereign Bancorp, Inc., Philadelphia, and thereby indirectly acquire its subsidiary federal savings bank, Sovereign Bank, Wyomissing, both of Pennsylvania. 

Attached is the Board's Order relating to this action.

Last Update: December 10, 2008