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China’s CBRC approves Santander’s acquisition of 20% of Bank of Beijing Consumer Finance

Santander has been authorized by the Chinese Banking Regulatory Commission (CBRC) to proceed with the acquisition of 20% of the Bank of Beijing Consumer Finance Company (BoBCFC).

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China’s CBRC approves Santander’s acquisition of 20% of Bank of Beijing Consumer Finance

  1. 1. 1Comunicación Externa.Ciudad Grupo Santander Edificio Arrecife Pl. 228660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11comunicacionbancosantander@gruposantander.comPress releaseChina’s CBRC approves Santander’s acquisitionof 20% of Bank of Beijing Consumer Finance Santander will invest EUR 38 million to acquire a 20% stake in Bank of BeijingConsumer Finance Co., becoming its second largest shareholder. Santander will participate in the development and management of the company.Madrid/Beijing, May 15, 2013 - Santander has been authorized by the Chinese BankingRegulatory Commission (CBRC) to proceed with the acquisition of 20% of the Bank of BeijingConsumer Finance Company (BoBCFC).Santander will invest RMB 306 million, or about EUR 38 million, to acquire new shares ofBoBCFC in a capital increase to be carried out by BoBCFC. After the transaction, SantanderConsumer Finance will be BoBCFC’s second largest shareholder, with a 20% stake, followingBank of Beijing with 35.29%. Other Chinese investors participating in the capital increase willhold the remaining stake.Under a strategic alliance agreement it signed with BobCFC, Santander will participate in thedevelopment and management of the company.In 2009, Bank of Beijing was granted one of the four pilot consumer finance licenses in China.It was the first bank to start operations, in 2010, with the aim of serving the retail consumermarket through a specialized business model, accompanying China’s economictransformation. After three years of operations, the Beijing-based company has a creditportfolio of more than RMB 2 billion, or about EUR 250 million.Bank of Beijing is a leading regional commercial bank in China, with over RMB 1.12 trillion ofassets (EUR 138 billion). It is the most efficient bank in China in terms of employeeproductivity and cost-to-income ratio.Other prominent co-investors include Legend Holding, the parent company of PC vendorLenovo, Dalian Wanda, a Chinese media and real estate conglomerate that recently acquiredthe American theatre chain AMC Entertainment, and other retailers that will provide theirpoint-of-sale networks to jointly develop the business.This transaction represents another milestone in Santander’s growth in China. In March 2013,Fortune Auto Finance, a joint venture set up by Santander and Chinese car maker AnhuiJianghuai Automobile (JAC), commenced operations. It is a multi-brand car finance companywhich operates across China, in which Santander owns 50% and has appointed the CEO andthe Chief Risk Officer.In addition to the two consumer finance companies, Santander is also active in the globalwholesale banking businesses in China, with the aim of financing the enormous and growingtrade flows between China and Latin America. Santander is now present in the region inBeijing, Shanghai, Hong Kong, Singapore, Tokyo, Seoul, and Sydney.
  2. 2. 2Comunicación Externa.Ciudad Grupo Santander Edificio Arrecife Pl. 228660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11comunicacionbancosantander@gruposantander.comSince 2008, Banco Santander, through its Santander Universities Global Division, has signedcooperation agreements with some of the most prestigious universities of China: TsinghuaUniversity, Peking University, Renmin University, Beijing Institute of Technology, ShanghaiJiao Tong University and Fudan among others. The agreements consist of Spanish languagetraining and international mobility programs for students and researchers. Banco Santandersupports Chinese universities in their internationalization and links to other countries andregions, such as Spain and Latin America.

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