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'''Grupo Santander''' ({{BMAD|ES0113900J37|SAN}}, {{lse|BNC}}, {{nyse|STD}}, {{Euronext|SANT}}, {{Euronext3|SANTA}}, [[BM&F Bovespa]]:[http://www.bovespa.com.br/home/ExecutaAcaoCotRapXSL.asp?gstrCA=707065481560690338681248570543651561452559491845572940512748550361665270&txtCodigo=SANB3&intIdiomaXsl=0 SANB3]) is a banking group centered on '''Banco Santander''', the largest bank in the Eurozone<ref>http://www.bankinfosecurity.com/articles.php?art_id=1015</ref> and one of the largest banks in the world (in terms of market capitalisation). It originated in [[Santander, Cantabria|Santander]], [[Cantabria]], [[Spain]].
'''Grupo Santander''' ({{BMAD|ES0113900J37|SAN}}, {{lse|BNC}}, {{nyse|STD}}, {{Euronext|SANT}}, {{Euronext3|SANTA}}, [[BM&F Bovespa]]:[http://www.bovespa.com.br/home/ExecutaAcaoCotRapXSL.asp?gstrCA=707065481560690338681248570543651561452559491845572940512748550361665270&txtCodigo=SANB3&intIdiomaXsl=0 SANB3]) is a banking group centered on '''Banco Santander''', the largest bank in the Eurozone<ref>http://www.bankinfosecurity.com/articles.php?art_id=1015</ref> and one of the largest banks in the world (in terms of market capitalisation). It originated in [[Santander, Cantabria|Santander]], [[Cantabria]], [[Spain]].


==Customer harrassment==
==History==
They have always been theiving bastards who harrass and bully to get their money when they impose illegal penalties on customers.</ref>
The 1999 merger of Banco Santander (founded in 1857) and Banco Central Hispano (founded in 1991) following the merger of Banco Central [est. 1919] and Banco Hispanoamericano [est. 1900]), created Banco Santander Central Hispano, or BSCH.<ref name="Guillén & Tschoegl 2008">Guillén & Tschoegl (2008)</ref>


The 1999 merger between Santander and Banco Central Hispano (BCH) was designed to be a "merger of equals" in which the top executives of the two pre-existing firms would share control of the merged entity. Soon after the merger former BCH executives accused Botin of trying to push his own agenda and threatened to take legal action against him. This post-merger squabbling was resolved when BCH executives Jose Amusategui and Angel Corcostegui agreed to accept severance payments, retire and renounce control to Mr. Botin, at an expense to shareholders of €164M.<ref>Guillén & Tschoegl (2008).</ref>
The 1999 merger between Santander and Banco Central Hispano (BCH) was designed to be a "merger of equals" in which the top executives of the two pre-existing firms would share control of the merged entity. Soon after the merger former BCH executives accused Botin of trying to push his own agenda and threatened to take legal action against him. This post-merger squabbling was resolved when BCH executives Jose Amusategui and Angel Corcostegui agreed to accept severance payments, retire and renounce control to Mr. Botin, at an expense to shareholders of €164M.<ref>Guillén & Tschoegl (2008).</ref>

Revision as of 17:54, 2 September 2010

Banco Santander, S.A.
Company typeSociedad Anónima (BMAD: SAN, LSE: BNC, NYSE: STD, Euronext: SANT, SANTA, BIT: SANT, BM&F Bovespa:SANB3)
IndustryFinancial services
Founded1857
HeadquartersSantander, Cantabria, Spain
Area served
Europe, Latin America, Singapore, Hong Kong, Africa, USA
Key people
Emilio Botín (Chairman), Alfredo Sáenz Abad (CEO)
ProductsRetail, corporate, investment and private banking, insurance, asset management, private equity
Revenue€39.38 billion (2009)[1]
€22.96 billion (2009)[1]
€8.943 billion (2009)[1]
Total assets€1,111 billion (2009)[1]
Total equity€73.87 billion (2009)[1]
Number of employees
169,460 (2009)[1]
Websitewww.santander.com
Headquarters in Santander
A branch of Santander in Cardiff, United Kingdom.

Grupo Santander (BMAD: SAN, LSE: BNC, NYSE: STD, Euronext: SANT, SANTA, BM&F Bovespa:SANB3) is a banking group centered on Banco Santander, the largest bank in the Eurozone[2] and one of the largest banks in the world (in terms of market capitalisation). It originated in Santander, Cantabria, Spain.

Customer harrassment

They have always been theiving bastards who harrass and bully to get their money when they impose illegal penalties on customers.</ref>

The 1999 merger between Santander and Banco Central Hispano (BCH) was designed to be a "merger of equals" in which the top executives of the two pre-existing firms would share control of the merged entity. Soon after the merger former BCH executives accused Botin of trying to push his own agenda and threatened to take legal action against him. This post-merger squabbling was resolved when BCH executives Jose Amusategui and Angel Corcostegui agreed to accept severance payments, retire and renounce control to Mr. Botin, at an expense to shareholders of €164M.[3]

The large termination payouts generated negative press and Mr. Botin was eventually brought to trial on criminal charges of "misappropriation of funds" and "irresponsible management." However, in April 2005 he was cleared of all charges. The verdict said the €164M retirement payments made to the two former executives were legal, "made as compensation for the services provided to the bank." In 2005 the anti-corruption division of the Spanish public prosecutor's office cleared Mr. Botin of all charges in a separate case in which he was accused of insider trading.[4]

On 26 July 2004 Banco Santander Central Hispano announced the acquisition of Abbey National plc. Following shareholders' approval at the EGMs of Abbey (95 per cent voted in favour, despite vocal opposition from most of those present) and Santander, the acquisition was formally approved by the courts and Abbey became part of Grupo Santander on 12 November 2004.[5]

In June 2006, Banco Santander Central Hispano purchased almost 20% of Sovereign Bank and acquired the option to buy the bank for $40 per share for one year beginning in the middle of 2008.[6]

In May 2007 Banco Santander Central Hispano announced that in conjunction with Royal Bank of Scotland and Fortis it would make an offer for ABN AMRO. BSCH's share of the offer added up to 28% and the offer would have to be made up of a capital increase through a new share issue. Then in October 2007 the consortium outbid Barclays and acquired ABN AMRO. As part of the deal, Grupo Santander acquired ABN AMRO's subsidiary in Brazil, Banco Real, and its subsidiary in Italy, Banca Antonveneta.[7]

On 13 August 2007, Banco Santander Central Hispano changed its legal name to Banco Santander.

In November 2007, it sold Banca Antonveneta to Monte dei Paschi di Siena. In March 2008, Banco Santander sold Interbanca, a subsidiary of Banca Antonveneta, to GE Commercial Finance, receiving in return GE Money businesses in Germany, Finland and Austria, and GE's Card and Auto Financing Businesses in the UK, which it will integrate into Santander Consumer Finance.[8]

The group announced in July 2008 that it intended to takeover the UK bank Alliance & Leicester, with £24bn in deposits and 254 branches.[9] The acquisition was completed in October 2008 when the group delisted the company's shares from the London Stock Exchange. This was followed by the acquisition of the savings business of UK bank Bradford & Bingley (B&B) in September 2008, with deposits of £22bn, 2.6m customers, 197 branches and 140 agencies.[10] The banks, along with Abbey, are to be merged together under the Santander name in the UK by the end of 2010.[11]

In October 2008, Grupo Santander announced that it would acquire the 75.65% of Sovereign Bancorp it does not currently own for approximately US$1.9 billion (€1.4 billion): the acquisition of Sovereign has given Santander its first retail bank in the mainland United States.[12]

Operations

Grupo Santander has numerous operations in Latin America. It has rebranded most of the subsidiaries it has acquired to Santander.

Grupo Santander consists of 131,819 employees, 90.1 million customers, 11,178 branches and 2.27 million shareholders. Retail banking - the main aspect of Santander's operations - generates 82% of the group's profit.

Currently, Santander is a corporate sponsor of the Ferrari Formula 1 team[13] and the Copa Libertadores de America.

On 1 December 2008, Santander announced that their Formula One sponsorship deal with McLaren will end in 2010, when Santander will become Ferrari's main sponsor. However, in September 2009, Santander announced that it will continue its sponsorship with Vodafone McLaren-Mercedes due to its brand awareness in the UK rising from 20 to 82 percent.[14]

On 14 December 2008, it was revealed that the collapse of Bernard Madoff's Ponzi scheme might mean the loss of 2.33 billion euros at Banco Santander.[15]

On 10 November 2009, HSBC Finance Corporation announced its auto finance entities had reached an agreement with Santander Consumer USA Inc. (SC USA) to sell HSBC US auto loan servicing operations as well as US $1 billion in auto loan receivables for US $904 million in cash, and enter into a loan servicing agreement for the remainder of its US auto loan portfolio, which is in liquidation. The transaction is expected to close in the first quarter of 2010.[16]

Global operations

European operations

  • Bosnia and Herzegovina
    • Nova Santander Banka d.o.o. Trebinje
  • Denmark
    • Santander Consumer Bank AS
  • Germany
    • Santander Consumer Bank AG - www.santander.de
    • Santander Consumer Debit GmbH
    • Santander Consumer Leasing GmbH
  • Jersey (UK)
    • Abbey International
  • Switzerland
    • Santander Private Banking

Latin American operations

  • Colombia
    • Banco Santander Colombia
  • Mexico
    • Banco Santander (from merger of Banco Mexicano, Banco Serfín and Santander)

Asian operations

  • China
    • Banco Santander, S.A. - Hong Kong Branch
    • Banco Santander, S.A. - Shanghai Branch
    • Banco Santander, S.A. - Beijing Representative Office
  • South Korea
    • Banco Santander, S.A. - Seoul Representative Office
  • Australia
    • Banco Santander, S.A. - Sydney Representative Office
  • Japan
    • Banco Santander, S.A. - Tokyo Representative Office
  • Singapore
    • Banco Santander, S.A. - Singapore Representative Office

African operations

North American operations

See also

References

Notes

  1. ^ a b c d e f "Annual Results 2009" (PDF). Banco Santander. Retrieved 2010-04-05.
  2. ^ http://www.bankinfosecurity.com/articles.php?art_id=1015
  3. ^ Guillén & Tschoegl (2008).
  4. ^ Cite error: The named reference Guillén & Tschoegl 2008 was invoked but never defined (see the help page).
  5. ^ HBOS fury as EU backs Santander's Abbey bid The Independent
  6. ^ Spanish bank buys Sovereign stake
  7. ^ Santander buys ABN Global clients in Brazil
  8. ^ GE, Santander finalize GE Money, Interbanca deal
  9. ^ Santander agrees £1.2bn A&L deal
  10. ^ Santander buys B&B branck network and deposit book
  11. ^ "Santander scraps UK bank brands". BBC News. 27 May 2009. Retrieved 23 May 2009.
  12. ^ Santander to acquire Sovereign
  13. ^ Title In My Grasp Says Hamilton
  14. ^ http://www.formula1.com/news/headlines/2009/9/9931.html
  15. ^ http://www.bloomberg.com/apps/news?pid=20601087&sid=aQieJp1uakvc&refer=home
  16. ^ http://www.marketwatch.com/story/hsbc-finance-santander-consumer-in-agreement-on-hsbcs-us-auto-business-2009-11-10

Sources

  • Guillén, Mauro and Adrian Tschoegl (2008) Building a Global Bank: The Transformation of Banco Santander. (Princeton, NJ: Princeton University Press).
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