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Article: BANCO SANTANDER GETS FEDERAL RESERVE OK TO INCREASE FIRST FIDELITY STAKE

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PR Newswire
Article date:
January 17, 1995
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MADRID, Jan. 17 /PRNewswire/ -- Banco Santander (NYSE: STD), announced today that it received approval from the Federal Reserve Bank of New York to increase its ownership of the voting stock of First Fidelity Bancorporation (NYSE: FFB) to 30 percent. Banco Santander will purchase stock in the open market.

The Spanish banking company now owns 24.8 percent of the voting stock of the Newark, N.J.-based First Fidelity, the 25th largest banking company in the United States. Banco Santander made its initial investment in First Fidelity in 1991.

The Federal Reserve approval is subject to the ...

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