Monitor has learned from reliable industry sources that Santander Bank, in an effort to drive capital savings and core C&I, is planning to exit the equipment finance industry in the U.S., consistent with a similar shutdown of EFL in the UK._x000D_
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Sources additionally report that an asset purchase agreement has been signed with Sterling National Bank (No. 51 on the Monitor 100) to acquire the equipment finance business from Santander._x000D_
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Though Santander’s equipment finance division has posted consistently good, sustainable results – reaching No. 47 on the Monitor 100 list this past June – the parent bank in Madrid has decided to realign its focus on its core commercial footprint in C&I and focus on clients that can drive a more traditional commercial bank cross sell._x000D_
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This is a developing story. We will provide more updates as they become available.
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