Banco Santander SA is a Spain-based commercial bank. The Company operates principally in Spain, the United Kingdom, Portugal, the Latin American countries and the United States. It operates in four segments: Continental Europe, the United Kingdom, Latin America and Sovereign. Continental Europe segment covers all retail banking business, wholesale banking and asset management and insurance conducted in Europe, with the exception of the United Kingdom, under such names as Santander Totta, Santander Consumer Bank and Bank Zachodni WBK, among others. The United Kingdom includes retail and wholesale banking, asset management and insurance. Latin America includes the specialized units in Santander Private Banking, as an independent globally managed unit. Sovereign includes all the financial activities of its subsidiary Sovereign Bank in the United States, which includes retail and wholesale banking, asset management and insurance. On May 3, 2013, it merged with Banco Espanol de Credito SA.