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Dan Vallimarescu: an eye on local markets |
Long-time observers of Banco Santander might have been surprised when they received its 2005 annual report: “multilocal”, the international bank’s buzzword of choice for most of the previous decade, had been supplanted by a more conventionally global vision.
Santander’s 2004 acquisition of UK mortgage bank Abbey, it seems, was more transformattional than many had suspected, and pushed Santander’s balance sheet to the size where the bank simply had to start thinking and acting globally.
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