Jules Stewart
Two Spanish banks, BBVA and Banco Santander Central Hispano (BSCH), hold by far the largest positions in Latin America of any foreign banks and both have taken a painful hit from the Argentine debt crisis. BBVA and BSCH have over the past five years invested some $25 billion in a Latin spending spree, buying, upgrading and restructuring local banks.
For BSCH, the more exposed of the two, Latin America accounts for 33.5% of group profits compared with 20.4%
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