Santander to acquire Amherst Pierpont in multi-million dollar agreement
20 July 2021 US
Image: MOZCO_Mat_Szymański/stock.adobe.com
Santander Holdings USA will acquire New York-based Amherst Pierpont Securities for an approximate US$600 million.
In an announcement by Spain-based Banco Santander, its USA holding company will take on the independent fixed-income broker-dealer as part of its Santander Corporate & Investment Banking (Santander CIB) global business line.
The acquisition is intended to enhance Santander CIB’s infrastructure and market-making capabilities in US fixed income capital markets, providing a platform for self-clearing of fixed income securities for the group globally. This also forms part of the bank’s plans to grow its institutional client footprint.
Ana Botín, Santander Group executive chairman, said: “This acquisition is consistent with our customer-focused strategy and our commitment to profitable growth in the USA. It complements our product offerings and capabilities, allowing us to strengthen our relationships with our corporate and institutional clients.
“The Amherst Pierpont team bring a successful track record and experience in delivering value for their clients. We look forward to incorporating their many strengths into our very successful and growing CIB organisation.”
Joe Walsh, Amherst Pierpont chief executive officer, said: “Santander Group is a respected financial institution and an ideal partner for our growing franchise. With Santander’s global reach, we will be able to significantly expand our product offering, grow our client base and increase the level of service we can provide to our clients.
“We are pleased to achieve this important milestone for our platform and look forward to working with the Santander CIB team to deliver the full potential of this combination.”
The transaction is expected to close by the end of the first quarter of 2022, subject to regulatory approvals and customary closing conditions.
In an announcement by Spain-based Banco Santander, its USA holding company will take on the independent fixed-income broker-dealer as part of its Santander Corporate & Investment Banking (Santander CIB) global business line.
The acquisition is intended to enhance Santander CIB’s infrastructure and market-making capabilities in US fixed income capital markets, providing a platform for self-clearing of fixed income securities for the group globally. This also forms part of the bank’s plans to grow its institutional client footprint.
Ana Botín, Santander Group executive chairman, said: “This acquisition is consistent with our customer-focused strategy and our commitment to profitable growth in the USA. It complements our product offerings and capabilities, allowing us to strengthen our relationships with our corporate and institutional clients.
“The Amherst Pierpont team bring a successful track record and experience in delivering value for their clients. We look forward to incorporating their many strengths into our very successful and growing CIB organisation.”
Joe Walsh, Amherst Pierpont chief executive officer, said: “Santander Group is a respected financial institution and an ideal partner for our growing franchise. With Santander’s global reach, we will be able to significantly expand our product offering, grow our client base and increase the level of service we can provide to our clients.
“We are pleased to achieve this important milestone for our platform and look forward to working with the Santander CIB team to deliver the full potential of this combination.”
The transaction is expected to close by the end of the first quarter of 2022, subject to regulatory approvals and customary closing conditions.
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