Davis Polk advised Banco Santander S.A. in connection with the establishment of its $15 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.

Banco Santander is the largest bank in the Eurozone with a market capitalization of approximately €67 billion at March 31, 2019. It has a strong and focused presence in nine core markets across Europe and the Americas with more than four million shareholders and 200,000 employees serving 144 million customers.

The Davis Polk corporate team included partner Nicholas A. Kronfeld and associates Sana Bargach, Johnathan M. Nixon and Concepción Olivera. Associate Sijia Cai provided 1940 Act advice. The tax team included counsel Alon Gurfinkel and associate Summer Xia. Members of the Davis Polk team are based in the New York and London offices.

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