Santander Bank turns to Latin America as European profits slip
Santander bank profit fell 84% in Argentina, after inflation-adjustment expenses, but that was almost an anomaly in the Americas, with the bank confirming it will boost investment in Latin American businesses to offset a weak economy in Europe Banco Santander SA relied on its increasing commitment to fast-growing Latin American markets to make up for sluggish European units that weighed on first-quarter profit. Net income fell 10 percent, hit by a charge of 108 million euros (US$121 million) for restructuring…
Latin America is Bank Santander’s Cash Box
Latin America represents 51% of group’s profits; In Argentina, Santander Río is its biggest private entity Emilio Botín, the powerful chairman of the Santander group who died on Tuesday, had strong ties with Latin America that went well-beyond the financial elite. He rubbed shoulders with Spanish royalty and regularly received political leaders and heads-of-state at his office in Madrid. Botín was able to take advantage of cultural and language ties to rapidly expand his group into Latin America, where…
