Sovereign is the fourth-largest banking chain in the area. Santader confirms on its website that talks are taking place, while a Sovereign spokesperson declined to comment for the article. Also referenced is a Wall Street Journal article that announces a deal could take place between the two firms as early as today.
Sovereign took a $1.4-billion loss last year due to trouble in home-equity and auto lending. The collapse of Washington Mutual and others hammered Sovereign's stock down 72% on Sept. 29, making it hit its lowest price in about 20 years.
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