President Michel Temer met on Monday with Banco Santander chairman Ana Botin, who expressed the Spanish banking giant's confidence in Brazil's economic future despite the current downturn being experienced by Latin America's largest economy.
The UK has become Santander's most profitable market, generating just over a fifth of the bank's profits in the first half of 2015. Pre-tax profits in the UK rose £74m to £928m, while revenues were up 5%. The results eclipsed the €1bn (£700m) posted by the Spanish bank's Brazilian operation, which saw its revenues jump by 9%.
Spanish banking giant Santander under its new executive chairperson Ana Botin announced on Monday the purchase of the remaining 25% of Banco Santander Brasil which it did not already own.
Banco Santander Brasil SA, apologized for a note sent to some of its high-income clients in Brazil saying the economy would worsen if President Dilma Rousseff’s chances of being re-elected stabilized or improved.