Madrid - Santander, Spain's leading bank, plans to take advantage of the ongoing financial crisis to take control of Sovereign Bancorp, which has suffered recent losses, according to a media report.
Negotiations for the takeover are still underway, the Wall Street Journal reported Monday, quoting Santander.
According to the report, Santander wants to offer about 1.8 billion euros (2.5 billion dollars) for Sovereign Bancorp, in which the bank already has a 25 per cent stake.
Santander bought that stake three years ago, when Sovereign's shares sold for 27 dollars. Now they are worth 3.80, which means Santander has lost about 2 billion euros on the investment.