(Reuters) -Santander stated on Wednesday it had agreed to promote seven branches within the Allentown, Pennsylvania space to U.S.-based Group Financial institution because the Spanish lender pivots in the direction of turning into a digital-first financial institution in the USA.
Santander launched Openbank within the U.S. market late final 12 months with a high-yield financial savings account providing, and goals to have a full-service digital financial institution within the nation by the top of 2025.
In a separate assertion, Group Financial institution stated it should pay Santander a deposit premium of $48 million for property and liabilities of the branches.
The New York-based lender stated it expects to imagine about $600 million in deposits and buy almost $33 million in branch-related loans.
The transaction is predicted to shut within the fourth quarter of 2025.
(Reporting by Arasu Kannagi Basil in Bengaluru; Modifying by Leroy Leo)
