Expansion Is Driving Force As Santander Sees 13% Rise in Earnings

Summary

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Banco Santander, the Spanish financial giant that last year gobbled up a raft of banks amid the global economic downturn, yesterday reported a 13% rise in fourth-quarter net profit to 2.2 billion euros - driven largely by its opportunistic expansion in the UK and South America.

Santander, which has grown significantly in the UK in recent years through the acquisition of Abbey National in 2004, and Bradford & Bingley, and Alliance & Leicester last year, now issues one in two of every new mortgages in the UK.

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Expansion Is Driving Force As Santander Sees 13% Rise in Earnings

Figures published yesterday by Santander, which has grown into the largest bank in the euro...

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