Santander, a global banking group, completed the acquisition of a 20% stake in a portfolio of New York-based multifamily real estate assets from FDIC, a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks, for $1.1bn. "This transaction underscores our strength and scale, leveraging our considerable expertise in the sector. We are a major participant in the US multifamily space and this transaction plays to our strengths," Ana Botín, Banco Santander Executive Chair.