Santander is partnering with the U.S. Deposit Insurance Agency to service Signature Bank's multifamily properties.

Official press release from Banco Santander, S.A.

Santander acquires a 20% stake in a joint venture to service a $9 billion multifamily portfolio.

The partnership with the FDIC builds on Santander's deep knowledge and scale in the multifamily sector. Santander Bank, N.A. ("Santander" or the "Bank") today announced a deal with Federal Deposit Insurance Corporation ("FDIC") on a joint venture consisting of a $9 billion New Yorkreal estate portfolio retained by the FDIC after the failure of Signature Bank. The bank acquired a 20% stake in the joint venture for $1.1 billion at an attractive price and will service 100% of the assets in the portfolio. "This transaction underscores our strength and scale based on our considerable experience in this sector," said Ana Botin, executive chairman of Banco Santander. "We are a major participant in the U.S. multifamily housing sector, and this transaction meets our strengths." The bank has a $13.5 billion multifamily real estate portfolio, is the leading multifamily real estate lender in the United States, and has a high Community Reinvestment Act (CRA) rating. "Santander US is one of the leading servicers and lenders of multifamily real estate in the United States, and this transaction will leverage that expertise in the industry as well as strengthen our position in the New York market," said Tim Wannes, head of Santander US and president and CEO of Santander Bank. The US remains a strategic market for Banco Santander, as this deal shows. The loan portfolio in the joint venture consists of three pools of rental housing and rent stabilized housing. The deal is expected to be earn-out from 2024 and will require about two basis points of Santander Group's CET1 to be repaid over three years. Santander received legal support in this transaction from Wachtell, Lipton, Rosen &

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Santander Holdings USA, Inc.

O Santander Bank, N.A.

Santander Bank, N.A. is one of the nation's largest retail and commercial banks with $99 billion in assets. With corporate offices in Boston, more than 9,000 employees and over 2 million customers, the Bank is primarily located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania and Delaware. The Bank is a wholly-owned entity with its base in Madrid, Banco Santander, S.A. (NYSE: SAN), one of the most respected banking groups in the world with 166 million customers in the U.S., Europe and Latin America. Controlled by Santander Holdings USA, Inc. an intermediate holding company of Banco Santander in the United States. Get more information about Santander Bank at www.santanderbank.com.