Spanish bank Santander plans to exit US auto financing unit via IPO

Santander

Spanish bank Santander (MCE:SAN) is considering to sell its shares in its US-based auto financing unit Santander Consumer USA, news agency Reuters reported.

According to the Wall Street Journal, the unit could be valued at USD6bn (EUR4.7bn) and Santander could decide to float the business in an initial public offering (IPO) in the first half of next year.

According to an unnamed company spokeswoman quoted by Reuters, a possible exit via an IPO is already in an agreement with shareholders inked in October last year

Santander is mulling the sale as part of a move to bolster cash on its balance sheet through asset sales as the Spanish economy continues to deteriorate.

 

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