Latin American profits set to grow next year, official says.
BY GUY HEDGECOE
MADRID -- In light of the current economic turmoil in Europe, Banco Santander’s investment in Latin America over the last two decades currently looks particularly fortuitous.
The head of the Spanish bank’s America division, Jesus Zabalza, says Santander’s Latin American operations contribute around 45 percent of profits, with a figure that is expected to rise next year. That projection is due partly to the European downturn, but also to the growth of the Latin American market.
“This year has been very good,” Zabalza says, speaking at Santander’s headquarters in Madrid. “For us, Latin America is a very powerful market, a market that’s going to keep growing.”
However, the region cannot avoid being affected by the eurozone’s woes, he added.
“The EU financial crisis affects Latin America, because ...