With The Sovereign Bank Purchase America Officially Becomes One Big Loehmann's

Spanish bank Banco Santander (we think that means “Santander Bank”) just bought Sovereign Bank for $1.9 billion after passing on Wachovia (really dodged a bullet there). It’s not only the latest bank merger to be struck amidst the current financial downturn, but it’s also the latest instance of a foreign bank buying a U.S. firm. Here’s a rundown of the European firms who’ve invaded our financial system over the past few weeks:

  • September 16: Britain’s Barclays buys Lehman Brothers’ US operations for roughly $2 billion
  • September 22: Mitsubishi Financial Group announces intention to buy a 10-20 per cent stake in Morgan Stanley
  • September 22-23: Japan’s Nomura buys Lehman Brothers’ Asian ($225 million), European, and Middle Eastern divisions ($2—seriously)

Tally: $10.6 billion of foreign money thanks to the financial crisis.

See Also: Japanese Invasion! Mitsubishi Financial Group Investing $8.4 Billion In Morgan Stanley
Barclays Buys Lehman Wreckage

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.