Santander has been authorized by the Chinese Banking Regulatory Commission to acquire a 20% stake in Bank of Beijing Consumer Finance Co. for EUR 38 million. This makes Santander the second largest shareholder after Bank of Beijing, which holds 35.29%. Under a strategic alliance agreement, Santander will participate in developing and managing the company. This transaction represents Santander's continued growth in China, where it also has joint ventures in auto finance and wholesale banking.