Santander's Exposure to Bankrupt First Brands Revealed in US Court Document

Santander had a $55 million debt exposure to bankrupt auto parts manufacturer First Brands Group as of late September, according to a U.S. court document. The exposure was backed by Bank of America and consisted of four transactions conducted by Santander's subsidiaries in Mexico and Brazil. Santander declined to comment, while Bank of America was not immediately available for comment. The exposure was linked to First Brands entities not part of the U.S. business.