Santander buys SEB's German retail banking operations

[BoyRacer]

Santander buys SEB’s German retail banking operations -> news.bbc.co.uk/2/hi/business/10594638.stm

Spanish bank Santander has signed an agreement to buy the German branch network of Sweden’s SEB for 555m euros (£466.5m, $699m).
The sale encompasses 173 branches and one million customers, and will double Santander’s presence in the country.
The assets represent about half of SEB’s business in Germany, but only about 6% of its total group revenues.
The Swedish bank said it wants to concentrate on merchant banking and wealth management in Germany.
The transaction will help it slim down, freeing up much needed capital, it added.

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