Banker & Tradesman file photo

The Boston-based parent organization of Santander Bank and its other U.S. companies wants to acquire the outstanding shares of its auto loan business, making it a wholly-owned subsidiary.

Santander Holdings USA Inc. has submitted a proposal to Dallas-based Santander Consumer USA Holdings Inc. to acquire all outstanding shares of common stock not already owned by Santander Holdings, the company said in a statement.

Santander already owns about 80 percent of Santander Consumer USA’s outstanding stock. The proposal calls for the remaining shares to be acquired for $39 per share in cash, which Santander said represented a 7.4 percent premium to Wednesday’s closing price of $36.32 and a 30.4 percent premium to Santander Consumer’s average share price since January 1.

Santander’s board chair, Timothy Ryan Jr., said in a letter yesterday to Santander Consumer USA’s board chair that the company was could proceed with the proposed transaction in an expedited manner because of its knowledge of Santander Consumer USA. There are no plans to sell the auto lender, according to the letter.

“In considering our Proposal, you should know that, in our capacity as a shareholder of the [Santander Consumer USA], we are interested only in acquiring the shares not already owned by us and that in such capacity we have no interest in selling any of the shares owned by us nor would we expect, in our capacity as a shareholder, to vote in favor of any alternative sale, merger or similar transaction involving the Company,” Ryan said.

J.P. Morgan Securities is acting as financial advisor and Wachtell, Lipton, Rosen & Katz is acting as legal counsel to Santander Holdings.

Santander and Santander Consumer USA were released from a Federal Reserve enforcement action earlier this year stemming in part from deficiencies in the auto lender’s compliance risk management program.