Sovereign Bank's Asset Based Lending Group Opens Chicago Office

WYOMISSING, Pa., Nov. 14 /PRNewswire-FirstCall/ -- Sovereign Bank today announced that its Asset Based Lending Group (ABL) has opened a regional office in Chicago located at 111 South Wacker Drive. Sovereign has named Senior Vice President (SVP) Robert L. Heinz as Managing Director of the Chicago office. Heinz will report to Michael Maiorino, Specialty Lending Group Director, and will lead an experienced team of four senior banking professionals.

"Sovereign is excited to have the opportunity to serve clients in the Midwest through our new location in Chicago," said Maiorino. "Bob and his team bring invaluable local experience and we look forward to leveraging that to bring Sovereign's exceptional level of service to companies in the region seeking asset-based financing."

Heinz brings more than 25 years of asset-based and specialty lending executive experience to his new position. His team includes Michael W. Kempel, SVP and Managing Director of Sales; Raymond T. Daly, SVP of Business Development; and Michelle M. Sadkowy, Vice President and Relationship Manager.

Sovereign Bank's Asset Based Lending Group is a national provider of senior asset-based financing to middle-market companies for acquisitions, leveraged buyouts, working capital growth, recapitalizations, corporate restructurings and DIP financing.

Contact information for Sovereign's Chicago ABL location: Fax number -- 312-443-0996 Robert L. Heinz -- 312-596-0466, rheinz@sovereignbank.com Michael W. Kempel -- 312-596-0467, mkempel@sovereignbank.com Raymond T. Daly -- 312-596-0475, rdaly@sovereignbank.com Michelle M. Sadkowy -- 312-596-0474, msadkowy@sovereignbank.com About Sovereign

Sovereign Bancorp, Inc., ("Sovereign") , is the parent company of Sovereign Bank, a financial institution with $87 billion in assets as of Sept. 30, 2007 with principal markets in the Northeast United States. Sovereign Bank has 750 community banking offices, over 2,300 ATMs and approximately 12,000 team members. Sovereign offers a broad array of financial services and products including retail banking, business and corporate banking, cash management, capital markets, wealth management and insurance. Sovereign is the 18th largest banking institution in the United States. For more information on Sovereign Bank, visit http://www.sovereignbank.com/ or call 1-877-SOV-BANK.

Sovereign Bank is a registered trademark of Sovereign Bank or its affiliates or subsidiaries in the United States and other countries.