Santander, a diverse retail and commercial bank, completed the acquisition of the remaining 19.76% stake in its US consumer unit for $2.5bn. "Our proposal was subject to the approval of the Company's Board of Directors and the negotiation and execution of mutually acceptable definitive transaction documentation. We understand that a special committee of independent and disinterested directors of the Company's Board of Directors has considered our Proposal and made a recommendation to the Board," Timothy Ryan, Santander Chairman. On August 24, 2021, the offer was increased from $2.4bn to $2.5bn.