Sovereign Bank Announces Name Change
Among several changes coming to Sovereign Bank branches across the country is a name change and rebranding, the bank said.
Effective Oct. 17, Sovereign will become Santander Bank, named after its parent company Santander Holdings USA, it announced Wednesday.
“Under the Santander name, we will marry the local insights and relationships of a committed, community-focused bank with the breadth and expertise of a major global financial institution,” said Carlos Garcia, chief corporate affairs and communications officer at Sovereign Bank and Santander Holdings USA.
Sovereign has 1.7 million clients across New England, Pennsylvania, New York, New Jersey and Delaware. It became part of Madrid-based Santander Group in 2009 which has done business in the United States for more than 30 years. However, the upcoming change will mark the first time Santander operates as a federally chartered U.S. bank under that name. Santander has 102 million customers worldwide and its subsidiaries operate under that name in the United Kingdom, Germany, Brazil, Mexico, Chile, Argentina, Spain and Portugal.
As part of a three-year, $200-million initiative, several other changes are being rolled out at the bank by Oct. 17. They include:
- Network-wide refurbishment of Sovereign’s more than 700 branches;
- Completion of its newly renovated flagship branch at One Beacon St. in Boston;
- Rollout of enhanced ATMs across its footprint that include more functionality;
- New, streamlined website design including industry best practices in fee disclosure, improving transparency and ease-of-use for consumers;
- A new comprehensive package of financial products and services to meet a wide range of business and consumer financial needs; and
- A national and local print, broadcast and online advertising campaign to familiarize clients with the Santander brand.
Customers can find more information about the name change by calling 877-768-2265 or visiting www.sovereignbank.com/namechange.
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