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Sovereign will convert to a national bank

By Steven Syre
Globe Columnist / November 14, 2011

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Sovereign Bank has received approval from regulators to switch from a savings bank to a national bank. Sovereign, which is owned by Spanish giant Banco Santander S.A., said the change would help it better serve different kinds of clients, particularly large companies. Sovereign operates more than 700 branches in nine states. It has about 8,500 employees, including nearly 2,800 in Massachusetts.

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