Santander buys HBOS's U.S. auto finance stake

Newswire

LONDON, Sept 25 (Reuters) - British bank HBOS Plc said on Monday it had agreed to sell its 64.5 percent stake in U.S. auto financing company Drive Financial Services to Spain's Banco Santander Central Hispano for about $465 million. HBOS, Britain's fourth biggest bank, said Santander will acquire 90 percent of Drive from HBOS and selected members of Drive management for $650.7 million. The Spanish bank will also pay up to $175 million to members of Drive management if the company meets ...

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