The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Latin America: Santander Brasil focuses on its goals, not the misses

Santander Brasil lost out to rivals Itaú and Bradesco as other foreign banks put their businesses on the block. It might not be a bad thing. The bank is the momentum story in a tough market. But just how far can it grow?

Angel Santodomingo-300.

Santander Brasil’s CFO
Angel Santodomingo

Angel Santodomingo, Santander Brasil’s CFO, has had a ringside seat for the latest round of consolidation in the country’s retail banking sector. As HSBC and then Citi put their Brazilian retail operations up for sale, the Spanish-headquartered bank (although it is listed in Brazil) participated in both auctions. It was not to be successful in either of its bids, with the country’s two dominant private-sector banks each taking one apiece. 

Analysts had been quick to point out that either would have been better for Santander, which is currently ranked third-largest private bank with its 12% market share, than it was for Itaú or Bradesco. For these domestic players, neither acquisition can be labelled ‘transformational’. 

But as Santodomingo greets Euromoney on the 27th floor of a shiny tower that casts its shadow over one of São Paulo’s newest, most expensive – and not coincidentally emptiest – shopping malls, he appears far from dismayed at being priced out of these opportunities for acquisitive growth. Because gradually but surely, Santander is becoming the momentum story in the market.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree