The Bank Slate


Santander buys stake in venture with former Signature loans

Santander Bank is the latest financial services company to scoop up former Signature Bank assets.

The Federal Deposit Insurance Corp. said in a press release that it sold a 20% stake in a newly created venture to SBNA Investor LLC, which is directly controlled by Santander, for $1.1 billion.

The venture has $9 billion of loans backed by rent-stabilized and rent-controlled properties. The bridge bank formed to divest Signature assets will retain an 80% stake in the venture.

The bridge bank began the marketing process in September. It sold a 20% stake in a venture with commercial real estate loans to a group affiliated with Blackstone and 5% stakes in two entities with multifamily loans to Community Preservation.

Signature Bank was closed in March.

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