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Sector Update: Financial

Financial shares were weak in pre-market trade Tuesday ahead of the start of a two-day Federal Open Market Committee policy meeting that investors fear may offer signals of a near-term interest rate hike.

In financial stocks news, Banco Santander ( SAN ) said it's entering Canada with the C$298 million ($270 million) purchase of car financing business Carfinco Financial Group ( CFN ).

The Spanish bank will pay C$11.25 cash per share of Carfinco, representing a premium of 32% to the weighted average price of the past 90 trading days, it says.

And, Zions Bancorporation ( ZION ) said late Monday it will start a cash tender offers to purchase up to $500,000,000 aggregate principal amount of its outstanding senior notes.

ZION trades in a 52-week range of $26.79 to $33.33 with shares having closed down 0.5% at $29.44 Monday.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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