Santander will purchase $3.2 billion of CitiFinancial Auto’s auto loan portfolios, the firm announced today.
It will obtain the portfolio at a price equal to 99% of the value of the gross receivables.
The transaction, expected to close by the end of 3Q10, is subject to regulatory approvals and closing conditions and is not expected to have a material impact on Citi’s net income.
Additionally, Santander agreed to service a portfolio of approximately $7.2 billion of auto loans that Citi will retain.
