Spanish lender Banco Santander is paying $928m to acquire an additional 9.68% stake in its separately listed US consumer loans unit, Santander Consumer USA Holdings.

The move comes following the resignation of Santander Consumer USA chairman and CEO Thomas Dundon, who owned the stake. He founded the division in 1995 and had been serving as its CEO since 2006.

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The acquisition of Dundon’s stake will increase Santander’s stake in the US-listed unit from 59% to nearly 69%.

Meanwhile, Santander named its chief financial officer Jason Kulas as the new CEO of Santander Consumer USA Holdings.

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