Santander agrees in principle to
acquire RBS’ European consumer
finance unit
• RBS ECF includes 2.3 million customers in Germany, the Netherlands, Belgium and Austria
Madrid/Mönchengladbach, April 4, 2008 - Santander Consumer Finance has agreed in principle to acquire the continental European consumer finance business of the Royal Bank of Scotland (RBS). The package includes business activities in Germany, the Netherlands, Belgium and Austria.
The acquisition will be carried out by Santander Consumer Holding GmbH and Santander Consumer Finance Germany GmbH. Santander Consumer is a leading provider of consumer finance in Germany and the market leader in independent car financing.
The RBS European consumer finance unit has 861 employees serving 2.3 million customers in Germany, the Netherlands, Belgium and Austria. Assets in 2007 averaged EUR 2.2 billion. RBS ECF makes instalment loans both directly and via partners. It is strongly represented in the credit card business, both in terms of private and corporate customers, and provides consumer finance via retail chains.
The acquisition is conditional upon a definitive agreement and the relevant approvals
from various national authorities, including the German bank supervision authority and
the cartel authority.
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