Santander’s Acquisition of Citi’s Auto Loan Portfolio

On June 24, 2010, Santander Consumer USA (“Santander”), an affiliate of Banco Santander, and Citigroup, Inc. (“Citi”) announced that they have entered into an agreement under which Santander will purchase $3.2 billion of CitiFinancial Auto’s auto loan portfolio. In addition, Santander will service a portfolio of approximately $7.2 billion of auto loans that will be retained by Citi. Cravath represented Banco Santander in connection with this transaction, which is expected to close by the end of the third quarter and is subject to regulatory approvals and other closing conditions.

The Cravath team included associates Rene Paula-Molina and Tyler J. Sewell on corporate matters; partner Michael L. Schler and associate Mark E. Dundon on tax matters; associates Lori Diamond Goodman and Jared R. Whalen on executive compensation and benefits matters; and associate Annmarie M. Terraciano on environmental matters.