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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT
style="font-size: 12pt">Washington, D.C. 20549 </FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest event reported): November 17, 2008</B>

<P style="font-size: 24pt" align="center"><B>Sovereign Bancorp, Inc.<BR>
</B><FONT style="font-size: 10pt">(Exact name
of registrant as specified in its charter) </FONT>
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  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
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  <TD width="32%">&nbsp;</TD>
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 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Pennsylvania</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>1-16581</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>23-2453088</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

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  <TD width="49%">&nbsp;</TD>
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  <TD width="49%">&nbsp;</TD>
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  <TD style="border-bottom: #000000 1px solid"><B>1500 Market Street, Philadelphia, Pennsylvania<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>19102</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

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<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number, including area code: <B>(267)
256-8601</B>
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  <TD style="border-bottom: #000000 1px solid" nowrap><B>n/a<BR>
</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">&#254;</FONT> Written communications pursuant to Rule
425 under the Securities Act (17 CFR 230.425)<BR>
<BR>
<FONT face="Wingdings">&#254;</FONT> Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT face="Wingdings">o</FONT>
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))<BR>


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<P style="font-size: 10pt" align="left"><B>Item&nbsp;8.01. Other Events.</B>

<P style="font-size: 10pt; text-indent: 4%" align="left">On November&nbsp;17,&nbsp;2008, Sovereign Bancorp, Inc. (NYSE:
SOV), parent company of Sovereign Bank, issued a press release announcing that the exchange ratio to be received by
Sovereign&#8217;s common shareholders pursuant to the Transaction Agreement, dated October&nbsp;13,&nbsp;2008, between
Sovereign and Banco Santander, S.A. (NYSE:&nbsp;STD) will be adjusted. A copy of the press release is attached hereto
as Exhibit&nbsp;99.1 and incorporated herein by reference.

<P style="font-size: 10pt" align="left"><B>Additional Information About the Transaction</B>

<P style="font-size: 10pt; text-indent: 4%" align="left">In connection with the Transaction, Sovereign and Santander
will file with the Securities and Exchange Commission (SEC)&nbsp;a Registration Statement on Form&nbsp;F-4 that will
include a proxy statement of Sovereign that also constitutes a prospectus of Santander. Sovereign will mail the proxy
statement/prospectus to its shareholders. Investors and security holders are urged to read the proxy
statement/prospectus regarding the proposed transaction when it becomes available because it will contain important
information. You may obtain a free copy of the proxy statement/prospectus (when available) and other related documents
filed by Sovereign and Santander with the SEC at the SEC&#8217;s website at www.sec.gov. The proxy statement/prospectus
(when it is available) and the other documents may also be obtained for free by accessing Sovereign&#8217;s website at
www.sovereignbank.com under the tab &#8220;Investor Relations&#8221; and then under the subheading
&#8220;Financials&#8221;, then click on &#8220;SEC Filings&#8221;.

<P style="font-size: 10pt" align="left"><B>Participants in the Transaction</B>

<P style="font-size: 10pt; text-indent: 4%" align="left">Sovereign, Santander and their respective directors, executive
officers and certain other members of management and employees may be soliciting proxies from shareholders in favor of
the transaction. Information regarding the persons who may, under the rules of the SEC, be considered participants in
the solicitation of the shareholders in connection with the proposed transaction will be set forth in the proxy
statement/prospectus when it is filed with the SEC. You can obtain free copies of these documents from Sovereign or
Santander using the contact information above.

<P style="font-size: 10pt" align="left"><B>Item&nbsp;9.01 Financial Statements and Exhibits.</B>

<P style="font-size: 10pt" align="left">(d)&nbsp;Exhibits
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  <TD style="border-bottom: #000000 1px solid" nowrap align="left"><B>Exhibit No.</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid" nowrap align="center"><B>Description</B></TD>
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<DIV style="margin-left: 0px; text-indent: 0px">99.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Press Release, dated November&nbsp;17, 2008, of Sovereign Bancorp, Inc.</TD>
 </TR>
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<P style="font-size: 10pt" align="center">&nbsp;

<P style="font-size: 10pt" align="center">2

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<P style="font-size: 10pt" align="center"><B>SIGNATURES</B>

<P style="font-size: 10pt; text-indent: 4%" align="left">Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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  <TD>&nbsp;</TD>
  <TD valign="top" align="left" colspan="3">SOVEREIGN BANCORP, INC.</TD>
 </TR>
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  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
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<DIV style="margin-left: 0px; text-indent: 0px">Dated: November&nbsp;17, 2008 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">By: </TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">/s/ Stacey V. Weikel</TD>
 </TR>
 <TR style="font-size: 1px">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD style="border-top: #000000 1px solid" valign="top" align="left">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Name: </TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Stacey V. Weikel</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Title: </TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Senior Vice President</TD>
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<P style="font-size: 10pt" align="center">&nbsp;

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<P style="font-size: 10pt" align="center"><B>EXHIBIT INDEX</B>
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  <TD width="8%">&nbsp;</TD>
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 <TR style="font-size: 10pt" valign="bottom">
  <TD style="border-bottom: #000000 1px solid" nowrap align="left"><B>Exhibit No.</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid" nowrap align="center"><B>Description</B></TD>
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<DIV style="margin-left: 0px; text-indent: 0px">99.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Press Release, dated November&nbsp;17, 2008, of Sovereign Bancorp, Inc.</TD>
 </TR>
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Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported): November 17, 2008
Sovereign Bancorp, Inc.
(Exact name
of registrant as specified in its charter)
Pennsylvania
1-16581
23-2453088
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
1500 Market Street, Philadelphia, Pennsylvania
19102
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(267)
256-8601
n/a
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
þ
Written communications pursuant to Rule
425 under the Securities Act (17 CFR 230.425)
þ
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 8.01. Other Events.
On November 17, 2008, Sovereign Bancorp, Inc. (NYSE:
SOV), parent company of Sovereign Bank, issued a press release announcing that the exchange ratio to be received by
Sovereign's common shareholders pursuant to the Transaction Agreement, dated October 13, 2008, between
Sovereign and Banco Santander, S.A. (NYSE: STD) will be adjusted. A copy of the press release is attached hereto
as Exhibit 99.1 and incorporated herein by reference.
Additional Information About the Transaction
In connection with the Transaction, Sovereign and Santander
will file with the Securities and Exchange Commission (SEC) a Registration Statement on Form F-4 that will
include a proxy statement of Sovereign that also constitutes a prospectus of Santander. Sovereign will mail the proxy
statement/prospectus to its shareholders. Investors and security holders are urged to read the proxy
statement/prospectus regarding the proposed transaction when it becomes available because it will contain important
information. You may obtain a free copy of the proxy statement/prospectus (when available) and other related documents
filed by Sovereign and Santander with the SEC at the SEC's website at www.sec.gov. The proxy statement/prospectus
(when it is available) and the other documents may also be obtained for free by accessing Sovereign's website at
www.sovereignbank.com under the tab "Investor Relations" and then under the subheading
"Financials", then click on "SEC Filings".
Participants in the Transaction
Sovereign, Santander and their respective directors, executive
officers and certain other members of management and employees may be soliciting proxies from shareholders in favor of
the transaction. Information regarding the persons who may, under the rules of the SEC, be considered participants in
the solicitation of the shareholders in connection with the proposed transaction will be set forth in the proxy
statement/prospectus when it is filed with the SEC. You can obtain free copies of these documents from Sovereign or
Santander using the contact information above.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description
99.1
Press Release, dated November 17, 2008, of Sovereign Bancorp, Inc.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SOVEREIGN BANCORP, INC.
Dated: November 17, 2008
By:
/s/ Stacey V. Weikel
Name:
Stacey V. Weikel
Title:
Senior Vice President
EXHIBIT INDEX
Exhibit No.
Description
99.1
Press Release, dated November 17, 2008, of Sovereign Bancorp, Inc.