Rising inflation – and by extension higher interest rates – could propel a recovery in European banks’ financial performance in 2022, according to Banco Santander CEO José Antonio Álvarez.
“This a game changer in the industry, especially in Europe, where rates are negative,” he says, describing the prospect of higher interest rates in the UK and the US, as well as discussion about how the European Central Bank will react to higher inflation.
Official rates are already rising in Santander’s other core markets of Brazil, Mexico, and Poland, he notes.
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