Latin America could account for half of Santander’s total profits within three years, with Brazil, Mexico and Chile leading the way, says a senior executive at the Spanish bank.
The region already contributes 43% of the group’s net income but its importance to Santander will be greater still as the growing disparity in economic outlook between it and the bank’s core markets in Europe becomes more marked.
Santander’s net profit in Latin America in 2010 reached €4.8
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