The LatAm lifeline of Spain’s big banks
Spain’s largest banks have built up a bigger footprint in Latin America to hedge against recession-hit European markets. Their bet is now paying off. The economies of the region are still expanding.
Santander Bank
Santander’s Botín hints more subsidiaries to be listed after €2.8bn Mexican offering
MADRID | Chairman of Spanish Grupo Santander Emilio Botín said the bank plans significant subsidiaries to become autonomous in liquidity and capital, and the group’s strategy was to have them listed.
Spanish real estate exposure halves Santander profits
MADRID | Banco Santander announced Thursday a net attributable profit of €1.704 billion in the first half of the year. The figure brings a cut down of about 51% compared with the same period in 2011. The Spanish bank pointed out that the decline is a result of setting aside €1.304 billion for provisions for real estate exposure in Spain of the second quarter ordinary profit of €1.404 billion. As a…
Santander branded best global bank in Euromoney’s Awards
LONDON | Spain's giant Santander must be doing something right. Santander was named best global bank while Deutsche Bank was awarded the title of best global investment bank at Euromoney’s Awards for Excellence ceremony in London last night. The best global bank award was collected personally by Santander’s chairman, Emilio Botín, a gesture that probably intended to demonstrate his UK shareholders and clients that the British branch have a top place…
British Eastern Airways agrees to refinancing from Santander
Humberside-based air transport business Eastern Airways Europe said Thursday its future expansion plans are now backed up after securing refinancing from Santander Corporate Banking. Eastern Airways Europe is a regional air transport business operating in the UK and across Europe. The business was founded in 1997 as a service for oil and gas workers living in the UK and working offshore. Since then, Eastern Airways has evolved to provide transport operations…
Goldman Sachs forecasts 50pc price increase for Santander, BBVA
MADRID | Finance daily newspaper Expansion reported Tuesday that investment bank Goldman Sachs expects Santander and BBVA stock price to go up by 50 percent, according to an analysts’ note. The confidence of Goldman Sachs experts goes far beyond the two big Spanish banks, too. All medium-sized banks in Spain had their ratings updated with higher value, apart from Bankinter, whose share price was reduced to €2.70 or 10% lower than at Monday’s close. The punishment Spain’s banking…
Growth in UK economy depends on 5pc core small businesses
LONDON | Less than 5 percent of all small businesses play the biggest role in boosting the UK economy, a new report by Santander Corporate Banking has concluded. The study, released Tuesday, also indicated that this same small fraction of SMEs accounts for two-thirds of all private-sector employment. Santander analysts found that a very limited number of small businesses have a significantly higher economic impact than the rest of the UK small…
Santander details provisions in bid to reassure shareholders over €0.6 dividend
MADRID | Banco Santander on Monday announced that the banking group in Spain, including Banesto, will require €2.7 billion before taxes to comply with the new legislation passed last May 11 on real estate asset provisions. These charges are in addition to the reserves already made compulsory by a decree-law in February, of which €2.3 billion before taxes are still pending, as stated in a filing sent to the Spanish regulator…
Ferrovial will set up its Intelligent City research centre in Santander
MADRID | Ferrovial and the local authorities of the Spanish city of Santander reached an agreement to create a research centre for Intelligent Cities, the company said on Wednesday. The Centre’s researchers may also work on projects implemented under the cooperation agreement between Ferrovial and Massachusetts Institute of Technology (MIT). This new public-private initiative in the area of research and urban development will adopt an open innovation approach which enables it to join projects…
Santander, BBVA surpass €1 billion profit in Q1 2012: the geographical key
MADRID | Banco Santander registered a net attributable profit of €1.604 billion in the first quarter of 2012, a decline of 24% year on year. Santander, that released Thursday its results for the January-March period of this year, noted that this decline was mainly due to the significant increase in provisions for non-performing loans, which rose by 51% to €3.127 billion. Banco Santander revenues in the first quarter grew by more than…