The wisdom of spending $10 billion buying Latin America banks has not always been crystal clear to analysts but the results are starting to come through. In the first quarter, BSCH’s Latin American banks earned nearly $200 million, 69% up on the first quarter of 1999, and roughly 40% of the total. By contrast Spanish retail banking managed a meagre 4% increase in profits.
On a medium-term basis Latin America is expected to contribute closer to 30% of the total and part of the logic of merging with BCH is to reduce the proportion of these earnings.
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