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Santander seeks contract negotiations in South America

Spanish bank aims for more mergers and acquisitions in the continent

12 July 2010

Santander is looking for more contract negotiations with South American firms as the Spanish bank aims to expand its presence in the region.

The company is seeking more mergers and acquisitions in the continent to build on its current market share of between ten and 20 per cent, reports the Financial Times.

Francisco Luzon, managing director of the Americas division for Santander, claimed the bank is looking to build on their success in Argentina, Brazil, Mexico, Chile and Uruguay.

He told the news provider: "In those five countries we already have significant presence. However, we have less of a presence in Colombia and Peru.

"If everything goes to plan, they will be the two countries which we will target for acquisitions over the next four or five years."

South America is becoming an increasingly important market for firms following the economic downturn.

The sector contributed to 38 per cent of Santander's group profits in the first three months of this year, and this figure could rise to 40 per cent by the end of 2010.

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