Santander seeks contract negotiations in South America
Spanish bank aims for more mergers and acquisitions in the continent
12 July 2010
Santander is looking for more contract negotiations with South
American firms as the Spanish bank aims to expand its presence in
the region.
The company is seeking more mergers and acquisitions in the
continent to build on its current market share of between ten and
20 per cent, reports the Financial Times.
Francisco Luzon, managing director of the Americas division for
Santander, claimed the bank is looking to build on their success in
Argentina, Brazil, Mexico, Chile and Uruguay.
He told the news provider: "In those five countries we already
have significant presence. However, we have less of a presence in
Colombia and Peru.
"If everything goes to plan, they will be the two countries
which we will target for acquisitions over the next four or five
years."
South America is becoming an increasingly important market for
firms following the economic downturn.
The sector contributed to 38 per cent of Santander's group
profits in the first three months of this year, and this figure
could rise to 40 per cent by the end of 2010.