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June 30, 2009updated 04 Apr 2017 1:13pm

Santander aims to repeat 2008 performance

Spains Santander will strive to match its 2008 financial performance despite the headwinds which continue to face the bank in 2009, chairman Emilio Botn said at the banks annual general meeting in June. Botin said that Santanders diversified, retail-focused business model would again stand it in good stead in the coming year, citing the banks strong local presence in nine or 10 main markets as justification for Santanders continued expansion in 2008, when it purchased Alliance & Leicester and part of Bradford & Bingley in the UK, Sovereign in the US and GEs consumer finance business in Germany. The banks integration of an earlier acquisition, Banco Real in Brazil, is exceeding expectations due to the Brazilian economys relative outperformance of its international peers, Botin noted.

By Dan Jones

Spain’s Santander will strive to match its 2008 financial performance despite the headwinds which continue to face the bank in 2009, chairman Emilio Botín said at the bank’s annual general meeting in June.

Botin said that Santander’s diversified, retail-focused business model would again stand it in good stead in the coming year, citing the bank’s “strong local presence in nine or 10 main markets” as justification for Santander’s continued expansion in 2008, when it purchased Alliance & Leicester and part of Bradford & Bingley in the UK, Sovereign in the US and GE’s consumer finance business in Germany.

The bank’s integration of an earlier acquisition, Banco Real in Brazil, is “exceeding expectations” due to the Brazilian economy’s relative outperformance of its international peers, Botin noted.

Prospects for further acquisitions were low, however, with Botin adding that Santander had “absolutely no need” for more purchases in order to reach its future earnings targets.

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