Sovereign | Santander Economic Outlook Breakfast Held Today with Real Time Survey of Attendees

Sovereign | Santander and the Greater Boston Chamber of Commerce

Hosted Annual Economic Outlook Breakfast

State Economic Outlook, Panel Discussion with Business Leaders and Conducted Real-Time Audience Survey

Boston, MA, March 14, 2013 – Sovereign Bank, a wholly owned subsidiary of Banco Santander, and the Greater Boston  Chamber of Commerce today hosted its 13th annual breakfast for the business community that focused on the 2013 economic outlook for the region. Massachusetts State Treasurer Steve Grossman also participated in the program and gave his perspective on the outlook for the state.  In addition, an estimated 400 attendees were surveyed in real time at the event regarding their opinions about the local economy and the outlook for their respective businesses. After the survey, the event continued with a panel discussion among business leaders.

“We are pleased to continue our partnership with the Greater Boston Chamber of Commerce, to bring together local leaders, and to hear how they are moving Massachusetts’ economy forward. We all have a vested interest in the state’s economic growth and helping our businesses succeed,” said Jorge Moran, Santander US Country Head and Sovereign Bank President and CEO.

“Sovereign Bank and Santander are committed to the state of Massachusetts, and, as one of the largest banks in the area, we look for places to invest that are committed to economic growth and developing a well-educated workforce, which is why we have selected to locate our headquarters here in Boston. We have over 3,000 employees in Massachusetts representing over 30 percent of our total workforce, and we expect that number to grow as we invest further and expand our presence in the Northeast. We also have access to incredible global capabilities through our connection with Santander that will provide new opportunities for our customers and help support expansion both in the U.S. and abroad,” said Moran.

In his remarks, Treasurer Grossman said that he was optimistic about the future of the Massachusetts economy and said that the state can “be the best state in the world to live, work, raise a family, provide education and to build a business.” He added that he is also focused on three priorities to build Massachusetts’ economy: transportation, infrastructure and education.

After the Treasurer’s remarks, the survey of audience members was facilitated by Sovereign | Santander’s David Paulson, EVP/Managing Director, Commercial Banking. It was conducted in real-time by the use of automated response devices located at each table. The survey included questions about the U.S. and local economies, business expansion plans, hiring and top challenges facing businesses of all sizes in the state of Massachusetts.

The survey showed cautious optimism among the attendees, with positive signs among local business leaders about their anticipated growth during 2013. A majority of those surveyed today, 64%, said that the U.S. economy will be in somewhat better/much better shape over the next 12 months versus 72% who were surveyed last year on the same question. Regarding the Greater Boston economy, 70 % surveyed today said it will be in somewhat better shape/much better shape over the next 12 months compared to 81% who were surveyed last year. However, of those surveyed today regarding the economic outlook of their own businesses, 70% said that they expect to be in somewhat better/much better shape compared with 66% who were surveyed last year. This year, the answer to the top challenge facing the region was the overall cost of living, compared with last year’s answer of the cost of healthcare. The biggest changes in local business attitudes came in response to questions about their anticipated business hiring and spending practices. 57% said that they would increase hiring in 2013 versus 50% who responded last year. Regarding respondents’ spending plans for 2013, 64% today said that they will increase spending versus 58% who responded last year.

Paul Guzzi, President and CEO, Greater Boston Chamber of Commerce opened the program and welcomed Sovereign- Santander. The panel discussion was moderated by Sovereign- Santander’s Steve Andrews, SVP and Director of Fixed Income Sales. The panel included John Harthorne – Founder and CEO, Mass Challenge, Inc., Cathy Minehane – Dean, Simmons School of Management, Rich Moore – President of the Northeast District, United Parcel Service and Peter Palandjian – Chairman and CEO, Intercontinental Real Estate.

About Sovereign Bank

Sovereign Bank, N.A. is among the top 25 banks in the United States, with principal presence in Connecticut, Delaware, Massachusetts, Maryland, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island. Sovereign has 721 branches, over 2,268 ATMs and nearly 8,900 team members. Sovereign Bank’s principal regulator is the Office of the Comptroller of the Currency. Sovereign Bank is a member of the Federal Reserve Bank System and the Federal Deposit Insurance Corporation. For more information on Sovereign Bank, visit http://www.sovereignbank.com or call 877-768-2265.

About Santander Holdings USA

Santander Holdings USA, Inc. is a wholly owned subsidiary of Banco Santander, S.A., and parent company of Sovereign Bank, N.A. Banco Santander is a retail and commercial global bank, with a presence in 10 main markets: U.S., Germany, UK, Poland, Brazil, Mexico, Chile, Argentina, Spain and Portugal. Founded in 1857, Santander has more than 102 million customers, approximately 14,392 branches – more than any other international bank – and 186,763 employees. Santander was recently recognized as the Best Global Bank in 2012 by Euromoney magazine. For more information on Santander, visit http://www.santander.com.