Sovereign to Use Partner to Woo Hispanics

“With Sovereign Bancorp Inc.’s deal to sell a stake to a Spanish banking conglomerate expected to close in two weeks, the Philadelphia thrift said Wednesday it will tap its European partner’s expertise to target the Hispanic market in the United States.

“We’ve decided to focus on the emerging markets in the U.S. Why mess around in China?” said Jay Sidhu, Sovereign’s chief executive. “The Hispanic market and the multicultural market are the fastest-growing emerging markets in the U.S.”"

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