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Banco Santander SA has reaffirmed its financial targets for the year despite the market turmoil triggered by President Donald Trump's recent tariff announcements. Chairman Ana Botin emphasized the importance of the bank's diversification during challenging times, highlighting its resilience in the face of economic uncertainty.
Banco Santander SA has received a banking license to operate in Canada, allowing its subsidiary, Santander Consumer Bank, to accept deposits. Analysts suggest that while competing with Canada's Big Six banks will be challenging, focusing on niche markets, particularly in consumer financial services, could enhance competition and provide Canadians with better options. Santander aims to leverage its global strengths, potentially expanding into areas like private banking and asset management.
Elliott International LP has been awarded a $500,000 payout for its role in a court case that resulted in a $162 million settlement between Banco Santander SA and its shareholders. A Delaware judge recognized Elliott's significant contribution to the litigation concerning Santander's $12.7 billion take-private deal for its US auto loan division, where it was the largest minority investor.
Banco Santander has secured a Canadian banking license, enhancing its expansion efforts across the Americas. The Office of the Superintendent of Financial Institutions granted approval for Santander Consumer Bank to begin operations, with further plans in Canada yet to be disclosed. The bank continues to grow in the US and Mexico, focusing on digital banking initiatives and workforce expansion.
Scotiabank has appointed Pablo Elek, previously a top executive at HSBC's Mexico unit, as CEO of its Mexican operations, effective May 15. This move aligns with the bank's strategy to focus on North America, as it shifts capital away from Latin America, including the transfer of operations in Colombia, Costa Rica, and Panama to Banco Davivienda. CEO Scott Thomson noted that while the bank is cautious about U.S. tariffs, it remains committed to its North American corridor strategy.
Banco Santander SA is planning to sell a portfolio of approximately €462 million ($498 million) in Spanish mortgages. The bank has engaged Alantra Partners SA for advisory services on the deal, which includes both performing and re-performing loans. Potential investors have begun receiving initial marketing information, with the process expected to unfold over the coming weeks.
Scotiabank has appointed Pablo Elek, previously a top executive at HSBC's Mexico unit, as CEO of its Mexican operations, effective May 15. This move comes as the bank shifts its focus towards North America, having already transferred operations in Colombia, Costa Rica, and Panama to Banco Davivienda. Scotiabank's capital strategy reflects a significant emphasis on the U.S. and Canada, with Mexico contributing less than 10% to its earnings.
Scotiabank has appointed Pablo Elek as the new CEO of its Mexican unit, effective May 15. Elek, previously a top executive at HSBC's Mexico operations and with experience at Banco Santander, replaces Adrian Otero as the bank shifts its focus towards North America.
Banco Santander SA (NYSE:SAN) saw its shares rise by 3.78% to $7.14 on Tuesday, driven by a new partnership with Verizon Communications Inc. (NYSE:VZ) to launch the Verizon + Openbank Savings account. This initiative aims to enhance customer savings with a higher-yield account and potential savings on Verizon bills, while expanding Santander's presence in the U.S. market. Despite a broader market decline, SAN ranked 8th among the top performers of the day.
Banco Santander will close 95 branches in the UK and put around 750 jobs at risk as part of efforts to enhance performance. The UK unit has faced challenges, prompting the bank to consider shifting resources to more profitable areas, particularly in the US and Latin America. Chairman Ana Botin indicated that divesting assets is not currently necessary.
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