Awards for Excellence 2008: Spain
Best bank: Banesto
Best investment bank: UBS
The bank with the best story to tell in Spain over the past year is Banesto, a member of the Santander family.
Although there is little to distinguish between Spain’s two top-tier banks, Santander and BBVA, in the second tier of mid-sized banks beneath them, Banesto stands out for its superior growth and control. Banesto’s net operating income growth is more than double its nearest mid-tier rival, Banco Popular, and the bank leads its peers across a number of metrics including net income growth, and growth in customer funds.
In SME banking, Banesto has managed to increase gross revenues by close to 20%, despite the difficult economic backdrop. It has even managed to increase its spreads in the business by 14 basis points, compared with an average decline of the same magnitude among its peers.