Spanish lender Banco Santander has said that it will invest nearly $6bn between 2022 and 2024 to expand and improve its business in Latin America.

The bank’s investment will focus on digital transformation and technology infrastructure.

Santander’s investment in the Latin American region is part of its strategy to expand in developing economies, which offer faster growth opportunities than its core markets in Europe.

Notably, the bank’s diversification outside its home market especially in Latin America has helped it deal with unfavourable conditions for banks in Europe after the financial crisis.

The lender stated that 40% of its profits come from Brazil, Mexico, Chile, Argentina, and Uruguay. In Brazil, its return on tangible equity (RoTE) has increased to 22% today from 14% in 2015.

Additionally, the region is home to 80 million of its 152 million customers and half of its 193,000 employees.

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Santander executive chairman Ana Botín said: “Latin America is part of our history, of our present and, will be an important part of our future. It has the resources, social capital and experience necessary to prosper and we are committed to supporting the communities, customers and businesses we serve in the region, as we have done for the past three decades.”

Earlier the lender had stated that it invests approximately $5.6bn in digital and technology every year as a group.

Recently, the lender increased its shareholding in its Mexican unit to 96.2% for $385m to strengthen its Latin American operations.