Banco Santander pays $651 mln for U.S. auto finance firm

“Spanish bank Banco Santander Central Hispano (SAN.MC: Quote, Profile, Research) will pay $651 million to buy a 90 percent stake in U.S. auto financing company Drive Financial Services, it said on Monday.

Santander will pay HBOS Plc (HBOS.L: Quote, Profile, Research), Britain’s fourth biggest bank, about $465 million for its 64.5 percent stake in the business. Drive’s management owned the remainder of the company and will sell all but 10 percent of the firm, which may be bought by Santander between 2009 and 2013.”

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