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NEW YORK — Banco Santander confirmed Monday it’s buying the rest of Sovereign Bancorp, extending a wave of consolidation in the banking industry.
The Spanish bank will pay $1.9 billion for the remaining 75.65 percent of Sovereign, a Philadelphia-based thrift, that it doesn’t already own.
Sovereign Bancorp, pummeled by rising mortgage delinquencies, has seen its stock lose nearly two-thirds of its value in the year to date.
