Banco Santander has said that the proceeds from the sale of all of its shares of First Union common stock will enable it to further reinforce its provisions and capital position. First Union is offering 7.5 million shares in order to account for its pending acquisition of Signet Banking Corporation (NYSE:SBK) as a pooling of interests.
The offering was made simultaneously in the United States and internationally through underwriters led by Morgan Stanley Dean Witter, Goldman, Sachs & Co., Santander Investment Securities Inc., UBS Securities, Wheat First Butcher Singer, and their international affiliates. Santander Investment Securities Inc., Morgan Stanley Dean Witter and Goldman, Sachs & Co. are acting as joint global coordinators of the offering. UBS Securities is the financial advisor to First Union.
First Union Corporation is the nation's sixth largest bank holding company with assets of $143 billion as of June 30, 1997. Banco Santander is Spain's largest financial group with assets of $161 billion as of June 30, 1997.
-- FTU --
