NEW YORK – Sovereign Bank N.A. executives and the Formula One automobile racing team it sponsors, have made major commitments to support relief efforts related to Hurricane Sandy.
To draw attention to the support, Jorge Moran, president and CEO of Sovereign, the U.S. subsidiary of Spain’s Banco Santander S.A., rang the closing bell of the New York Stock Exchange on Nov. 20 along with Fernando Alonso, the two-time winner of the Formula One driver title, whose Ferrari is sponsored by Santander.
The bank has donated $250,000 to the American Red Cross for its hurricane disaster relief fund. “Our hearts go out to those who have suffered from the devastation caused by Hurricane Sandy,” said Moran, who has toured the barrier islands of New Jersey as well as Staten Island, New York and seen firsthand the damage done by the storm. “We hope these donations will help bring life back to normal for so many people,” he added.
Sovereign-Santander also has committed to matching up to $500,000 in donations made in bank branches by employees or bank customers.