BOSTON – Sovereign Bank N.A. will change its name to Santander Bank N.A. on Oct. 17, the bank announced Wednesday.
Sovereign Bank N.A. is a wholly-owned subsidiary of Santander Holdings USA, which is a wholly-owned subsidiary of Spanish banking giant Banco Santander.
“Under the Santander name, we will marry the local insights and relationships of a committed, community-focused bank with the breadth and expertise of a major global financial institution,” said Santander spokesman Carlos Garcia.
Sovereign Bank became part of the Santander Group four years ago. Sovereign Bank’s corporate headquarters are in Boston.
In addition to the name change, the bank announced enhancements planned as part of a $200 million three-year initiative. One of those initiatives is completion of the renovation of the Boston flagship branch at One Beacon Street.
“We’re looking forward to acquainting consumers and businesses with the Santander brand, as well as our expanded capabilities and resources,” said Santander spokeswoman Kathy Klinger.
Sovereign Bank operates in Rhode Island, Massachusetts, Connecticut, Delaware, New Hampshire, New York, New Jersey, Maryland and Pennsylvania. Currently, Sovereign Bank has 820 employees and 32 branches in the Ocean State.
Santander has a presence in 10 main international markets - the United States and Spain, as well as Argentina, Brazil, Chile, Germany, Mexico, Poland, Portugal and the United Kingdom.