Banco Santander’s headquarters are in Europe, but the centre of gravity of its operations has been drifting westward to Latin America for many years now. Over the review period, the bank posted a solid year of progress among many of its Latin American markets, which comprise Brazil, Mexico, Chile, Argentina, Uruguay, Colombia and Peru.
Surprisingly, given the importance to the franchise and its recent strong performance, Santander’s bank in Brazil underperformed. Santander Brasil was more aggressive than the market in terms of recognizing asset-quality deterioration and this has dragged on its recent performance.
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