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Sovereign Comments on 13D Filing of Relational Investors.

Publication: PR Newswire
Publication Date: 26-MAY-05 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
PHILADELPHIA, May 26 /PRNewswire-FirstCall/ -- Sovereign Bancorp, Inc. today said that it welcomes the 13-D filing by Relational Investors showing its confidence in the future growth prospects of the company. "We take our communications with our major shareholders and suggestions made by them very seriously and are always open to how we can make ourselves better," said Jay Sidhu, Sovereign's Chairman and CEO. "Following this policy, the company over the past 10 years has delivered over 280% in total stock appreciation compared to about 204% for S&P 500 bank index and about 123% for S&P 500. Similarly, we have outperformed these indices over the past 5-year period, 3-year period and, even in this difficult period for bank stocks, have performed in line with the bank index and the S&P 500 over the last 12 months. Our Board and management has a history of...

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