Banco Santander Totta Taxagest and Santander Totta SGPS are absorbed

Banco Santander Totta informed the market about the reorganization of the company that necessitated the merger by merging Taxagest and Santander Totta SGPS into Banco Santander Totta.

This means that shareholder Santander Totta SGPS disappears and only Banco Santander Totta, owned by the Santander group, remains.

Banco Santander Tota informed that its board of directors approved, on March 18, “a simplified merger project, according to which the merger is envisaged through the integration of its subsidiary TaxaGest into the bank,” the bank led by Pedro Castro Almeida said in a statement. – Sociedade Gestora de Participações Sociais, will be implemented through the global transfer of TaxaGest assets to the bank; and a simplified merger project, according to which the merger is expected to take place through the merger of the bank's majority shareholder, Santander Totta – SGPS, which will be implemented through a global transfer of the assets of Santander SGPS to the bank.

The simplified merger projects were also approved, on the same date, by the Boards of Directors of TaxaGest and Santander SGPS, respectively.

“Furthermore, please note that registration of simplified merger projects (…) will be requested at the Commercial Registry Office.”

“The completion of the streamlined mergers is subject to certain conditions precedent, including obtaining applicable prior authorizations from the European Central Bank,” says the Pedro Castro y Almeida-led bank.