Euromoney magazine names Santander ‘Best Bank’
Santander Puerto Rico is the local subsidiary of the Spanish bank that received the accolades.
International financial magazine “Euromoney” has named Santander the “Best Bank in Western Europe, Spain, Mexico and Argentina in its 2014 annual awards.
The publication highlighted the Santander Group’s geographic diversification and network of separately capitalized subsidiaries in its selection. “Euromoney” also recognized the bank’s large retail banking and consumer financing businesses in Europe, which produced a significant share of group earnings.
In addition to Western Europe, Santander was awarded “2014 Best Bank” by “Euromoney” in five of its main markets: Spain, Portugal, Mexico, Argentina and Puerto Rico.
In its assessment “Euromoney” underlined the successful merger of Santander, Banesto and Banif in Spain in 2013, noting that it was completed ahead of schedule and had achieved market share gains in customer funds and deposits, while cutting the cost of time deposits by 170 basis points.
Regarding the bank’s presence in Portugal, it noted that Santander “continues to tower above the other Portuguese banks” and was the only bank in the country that needed no state aid during the European financial crisis.
Regarding Santander’s Latin American operations, “Euromoney” recognized the Bank’s growth in Mexico, where it expanded its portfolio by 12.6 percent, increased net earnings by 17.1 percent, and achieved the best efficiency rate among banks in the country. In Argentina, “Euromoney” noted that Santander Rio maintained its market leading position in loans and deposits from the private sector.
In Puerto Rico, it noted that, despite the difficult operating environment, Santander grew its attributable profit by 40 percent.
“Euromoney”’s annual Awards for Excellence program is a banking industry benchmark. The “Euromoney” editors select award winners according to objective measures including profitability, growth and efficiency, in addition to subjective criteria.
