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Santander expands branches with SEB deal
SANTANDER has agreed to buy Swedish bank SEB’s German business for 555 euros (£466.5m)
The sale will double the size of Santander’s German branch network.
SEB has 173 branches in that country and a million customers.
It wants to concentrate on merchant banking and wealth management in Germany.
Santander’s acquisition is its second major move to expand its branch network in a month.
In June, Santander submitted an offer to buy the UK’s Royal Bank of Scotland’s (RBS) Williams & Glyn’s subsidiary.