Davis Polk advised Banco Santander, S.A. in connection with the establishment of a $20 billion U.S. commercial paper program through its New York Branch. The commercial paper notes under the program will be offered and sold in reliance on an exemption from registration provided by Section 3(a)(2) of the Securities Act.
Banco Santander is the largest bank in the Eurozone with a market capitalization of approximately €85.4 billion at March 31, 2018. It has a strong and focused presence in 10 core markets across Europe and the Americas with more than 4 million shareholders and 200,000 employees serving 139 million customers.
The Davis Polk corporate team included partner Nicholas A. Kronfeld and associate Yoojin L. Kim. Associate Sijia Cai provided 1940 Act advice. The tax team included partner Po Sit. All members of the Davis Polk team are based in the New York office.