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Santander Plunges After Report Fiat Chrysler Is Considering Its Own Lending Unit

Gabrielle Coppola, Felice Maranz, Tommaso Ebhardt
Santander Plunges After Report Fiat Chrysler Is Considering Its Own Lending Unit

Santander Consumer USA Holdings Inc. shares fell the most intraday in almost two years after its auto-finance partner Fiat Chrysler Automobiles NV was said to prepare an announcement on forming its own captive lending unit. As part of its five-year strategy plan to be announced Friday, Fiat Chrysler is likely to announce the intention to form a finance unit in the U.S., Bloomberg News reported Wednesday, citing people familiar with the automaker’s plans. Shares of Dallas-based Santander plunged as much as 9.6 percent, the steepest intraday drop since July 2016.

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