I-banking goes local
EMILIO BOTÍN IS a confident man. When RBS, Fortis and Santander brought ABN Amro in 2007 it was clear which of the three had struck the best deal. Botín’s Santander prised away the best asset in the ABN empire, Banco Real, and he knows it.
Real will officially become part of Santander next month and, combined with its existing Brazil business, largely comprising former state-owned Banespa, will give the Spanish bank a 10% market share in Brazil.
"Brazil is a fantastic opportunity," said Botín, chairman of Santander, in an interview for Euromoney’s August issue (And for his next trick… Botín weaves his magic at Santander). "The country has enormous potential to grow its wealth. It already has two very good, large banks in Itaú and Bradesco. But I am confident that when we put our Brazilian operations together there, within two or three years we will...
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