November 1, 2010
The purchase, one of the largest financial transactions in Uruguays history, helped turn Santanders commercial lending business into one of the fastest growing segments within the banks Uruguay subsidiary and the systems largest wealth management client portfolio.
The merger increases customer volume by 9.7% year-over-year, according to Santander. However, Santander remains the second-largest bank in the system, with $4.098 billion in assets as of May 2010, up from $3.791 billion six months prior, but still behind state-owned Banco de la Repúblicas hefty $9.299 billion, which it reported as of June.
However, Santander dwarfs its nearest non-government b
Santander has spent the last year and a half digesting its $175 million 2008 acquisition of ABN AMRO, a deal it says has made it the largest private bank in Uruguay, with over 30% of the assets.