Boston-based SantanderHoldings USA Inc. is delaying the filing of its annual report onForm 10-K for the fiscal year ended Dec. 31, 2015.
According to a notification of late filing, Santander Holdings'financial statements have not yet been completed because ,a majority owned subsidiary of the company that is consolidated in itsfinancial statements, had not filedits Form 10-K for the year ended Dec. 31, 2015, until March 31.
Santander Holdings and Santander Consumer received commentletters from the SEC's Division of Corporation Finance on their periodicreports on Form 10-K for the fiscal year ended Dec. 31, 2014, and for thequarters ended Sept. 30, 2015.
The comment letter for Santander Consumer addressedaccounting for credit loss allowance on retail installment contracts andtroubled debt restructuring impairment and related disclosures. These itemsimpact Santander Holdings' Form 10-K filing as a result of its consolidation ofSantander Consumer.
Santander Holdings continues to discuss the matters and theimpact on its consolidation of Santander Consumer with the SEC and the company'sindependent registered public accounting firm and will file the Form 10-K assoon as possible, according to the notification of late filing.