Banco Santander wants to invest 250 million dollars in its subsidiary Corporate & Investment Banking

2023-10-17 17:34:32

Santander Bank intends to invest 250 million dollars (238 million euros) in its subsidiary Corporate & Investment Banking, the entity’s global investment banking business, over the next two years.

This is what he pointed out Ana Botínthe president of Banco Santander, in an interview in the British newspaper ‘Financial Times’, indicating that the current environment represents a “logical” opportunity to expand in the United States market.

A portion of that $250 million would be used to hire staff. So far in 2023, Banco Santander has signed more than 100 investment bankers in the United States, more than half of which came from Credit Suisse, which went bankrupt in the first quarter of this year and was rescued by UBS with guarantees public of the Swiss State.

The president of Santander Bank He stressed in the interview that «The business we have is very different from other investment banks. It is above all a corporate bank and we are now adding the commission business, focusing on areas where we are strong, such as renewables or infrastructure.

For the period 2023-2025, Banco Santander has set itself the objective of taking advantage of the great dimension of its global businesses. Thus, for the investment banking area, it aims to increase its income in North America by 15% each year, until reaching a global return on assets (RoTE) of more than 20%.

In this sense, Ana Botín He stated in his interview in the ‘Financial Times’ that “We are already providing financing, but if we want to deepen relationships with our clients, we have to give them access to dollar markets, strategic advice, access to capital markets and structured transactions.”