BOSTON, Aug. 24, 2017 /PRNewswire/ -- Santander Holdings USA, lnc. (SHUSA) today announced that the Board of Governors of the Federal Reserve System has authorized the Federal Reserve Bank of Boston to terminate the September 15, 2014 Written Agreement with SHUSA.
The agreement required SHUSA to obtain prior written approval from the Federal Reserve before SHUSA or certain subsidiaries could declare or pay dividends or make any capital distributions.
SHUSA has taken significant steps to strengthen its risk management, governance and capital position. Today's announcement follows the Federal Reserve's determination in late June that it did not object to SHUSA's 2017 Capital Plan and planned capital distributions, which the Company submitted as part of the Federal Reserve's capital stress test.
"This is an important achievement and the second significant regulatory milestone we have accomplished in recent weeks, which underscores the key improvements we've made to strengthen our capital position, risk management and governance," said Scott Powell, Santander US CEO. "Today's news means we are now moving into a normal capital approval cycle, like most large banks in the U.S. While there is still more work to do to fully address our outstanding regulatory issues, we believe these announcements represent a turning point for us." He added, "I am so proud of the work our team has done to reach these important goals, which have made the company stronger and position Santander US for a solid future."
Ana Botín, Banco Santander Executive Chairman, said, "We have strengthened our business in the U.S. significantly in recent years, and while we know there is more to do, the Federal Reserve's announcement today is a clear demonstration of the significant progress we've made. The United States is an important market for Santander, and we are fully committed to helping people and businesses across America prosper."
About Santander Holdings USA, Inc.
Santander Holdings USA, Inc. (SHUSA) is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN) (Santander), one of the most respected banking groups in the world with more than 125 million customers in the U.K., Europe, Latin America and the U.S. As the intermediate holding company for Santander's U.S. businesses, SHUSA includes six financial companies with more than 17,500 employees, 5.2 million customers and assets of over $135.1 billion. These include Santander Bank, N.A., one of the country's largest retail and commercial banks by deposits; Santander Consumer USA Holdings, Inc. (NYSE: SC), an auto finance and consumer lending company; Banco Santander International of Miami; Banco Santander Puerto Rico; Santander Securities LLC of Boston; and Santander Investment Securities Inc. of New York.