SPIEGELONLINE INTERNATIONAL: The once-regional Spanish bank has shot to the front ranks of Europe's finance industry through traditional lending and savvy acquisitions.
As financial institutions worldwide struggle to stay afloat, Banco Santander -- now the euro zone's largest bank by market value -- is emerging as one of the few winners in the global economic crisis. With no exposure to toxic U.S. subprime assets, a diversified business spread across Europe and the Americas, and an estimated $68 billion in capital reserves, the bank, based in the port of Santander on Spain's northern coast, is sailing past troubled rivals.
Santander's strength has been evident in recent months as it gobbled up distressed assets across Europe. When Britain's government nationalized beleaguered mortgage lender Bradford & Bingley on Sept. 29, the Spanish bank quickly agreed to pay $1.09 billion for its retail branches and -- more important -- for control of its $37.4 billion of customer deposits.
The move on Bradford & Bingley came only days after Santander sealed a $2.24 billion acquisition of British lender Alliance & Leicester. Combined with its $16.4 billion purchase of Britain's Abbey National in 2004, the two latest acquisitions will give Santander roughly 13 percent share of Britain's home lending market. Its run of buyouts may not be over, either: The bank has made a preliminary offer for Germany's Deutsche Postbank, though it declines to comment on the potential deal. A Spanish Bank Emerges as a Winner in Global Crisis >>> By Mark Scott | October 2, 2008
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