HSBC Holdings (HBC) sold its last U.S. auto finance units to Spain%u2019s Santander (SA) for about $3.56 billion.
Santander Consumer USA is also assuming $431 million in debt, The Associated Press reported. The Spanish bank is acquiring a loan book valued at $4.3 billion.
International banking giants Banco Santander and Banco Bilbao, have gone on buying sprees abroad even as conditions in their home country declined dramatically. But as their loan losses mount, the markets are finally looking past the banks' blithe optimism, seeing red, and selling off.