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Banco Santander’s US unit has reached an agreement to acquire US fixed-income broker dealer Amherst Pierpont Securities, through the acquisition of its parent, Pierpont Capital Holdings LLC, for ~$600mn. According to Santander, Amherst Pierpont will be a part of Santander Corporate & Investment Banking (Santander CIB) and result in synergies which will help it transform it’s structuring and distribution capabilities in fixed income capital markets and securitized products. The combined entity will also have a strong presence in corporate debt and securities finance across the US and emerging markets. The transaction is likely to be completed by 1Q2022 subject to regulatory approvals and is expected to add ~1% to the groups EPS and generate a return of ~11% on the invested capital by year 3 (post synergies), with a -9bp impact on group capital at closing. Ana Botín, Santander’s Chairman, said, “This acquisition is consistent with our customer focused strategy and our commitment to profitable growth in the USA…. The Amherst Pierpont team bring a successful track record and experience in delivering value for their clients.”

Santander’s 1.308% 2023s and 6.25% Perps were broadly stable at 101.36 and 100.88 respectively.

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