Sovereign Bank, which operates a branch on Thayer Street, has been acquired by Spanish banking giant Banco Santander, but the takeover will not affect customer accounts, according to Ellen Molle, a spokesperson for Sovereign.
"Nothing has changed for customers," Molle said on Monday. "It's business as usual."
Philadelphia-based Sovereign suffered losses of $1.4 billion in 2007, the Philadelphia Inquirer reported last October. Santander, the world's seventh-largest bank by market share, already held a 25 percent stake in Sovereign before agreeing to purchase the remaining shares for $1.9 billion in October.
The transaction was completed this month, Molle said, adding that she expects customers to benefit from the merger with Santander, a bank "known for customer service and advanced technology."
Sovereign will keep its name "for the time being," according to a statement released by the bank to its customers last November. In its other recent acquisitions, Santander has not changed the names of the banks it buys, according to the Inquirer article.
Sovereign will also remain FDIC-insured, according to the bank's Web site.
Brown students interviewed by The Herald said they had not noticed a change in banking at Sovereign since the acquisition.
Sovereign customers Mats Horn '11 and Allison Pincus '10.5 both said they were not previously aware of the merger and had noticed no changes in fees or customer service.
According to Molle, "a letter from the Santander chairman was sent to all Sovereign customers on completion of the transaction." Brochures detailing the merger were available at the Thayer Street branch.
Operating in 40 countries, Santander leads both Europe and Latin America in market shares. Its ATMs abroad will not yet be accessible to traveling Sovereign customers, according to the statement.
Santander supports Spanish-language instruction at universities around the world and promotes student exchange programs with Spanish institutions. It recently facilitated several exchange agreements with Chinese universities, including a program that will bring two researchers from Peking University to Brown.
Santander's affiliation with universities is "definitely something they'll be expanding in the U.S.," Molle said.
An independent agreement between Santander and Brown, signed by Santander chairman Emilio Botin and University officials, will also create grants for Brown students to study abroad and intern with Santander affiliate banks globally, The Herald reported in November.
