We advised Banco Santander on its program renovation

Davis Polk advised Banco Santander S.A. in connection with the renovation of its $25 billion U.S. commercial paper program. The commercial paper notes under the program will be offered and sold in reliance on an exemption from registration provided by Section 4(a)(2) of the Securities Act.

Headquartered in Madrid, Banco Santander is a leading financial institution by market capitalization in the eurozone and operates globally through a network of subsidiaries across Spain, the United Kingdom, the United States and Brazil, as well as other European and Latin

The Davis Polk corporate team included partner Pedro J. Bermeo and associate Fatima Carrillo. Counsel Sarah E. Kim and associate Caroline R. Zhang provided 1940 Act advice. The tax team included counsel Alon Gurfinkel and associate Kelli A. Rivers. Members of the Davis Polk team are based in the New York and London offices.