Banco Santander renovation of $25 billion U.S. commercial paper program

Davis Polk advised Banco Santander S.A. in connection with the renovation of its $25 billion U.S. commercial paper program. The commercial paper notes under the program will be offered and sold in reliance on an exemption from registration provided by Section 4(a)(2) of the Securities Act.

Headquartered in Madrid, Banco Santander is a leading financial institution by market capitalization in the eurozone and operates globally through a network of subsidiaries across Spain, the United Kingdom, the United States and Brazil, as well as other European and Latin American countries.

The Davis Polk corporate team included partners Nicholas A. Kronfeld and Pedro J. Bermeo and associates Amber Leary and Ariel Rivera. Counsel Sarah E. Kim provided 1940 Act advice. The tax team included counsel Alon Gurfinkel and associate Kelli A. Rivers. Members of the Davis Polk team are based in the New York and London offices.