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.
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