First Mover Advantage

First Mover Advantage

Bonds Structured Finance Uruguay Corporate & Sovereign Strategy

In a banking system dominated by large state-controlled banks, Santander Uruguay has remained the leader of the pack among private sector institutions at a time of considerable growth for the country’s economy. With a first mover advantage over rivals, the Spanish bank is well ahead of others looking to gain market share through acquisitions, but it may see tougher competition in the years ahead. While government-owned Banco de la Republica Oriental del Uruguay (BROU) dominates the country’s banking landscape, among its private sector, the Spanish bank still remains in top spot after having absorbed ABN Amro in 2008. Indeed, in terms of market share it is now clearly ahead, con

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