Santander CFO Cantera on Cost Cuts, Latin America Growth, Europe

Jose Garcia Cantera discusses Santander's UK business amidst Brexit uncertainty, focusing on regulatory changes and cost reductions. He highlights the bank's strategies to improve efficiency and productivity in Europe, despite challenges from negative interest rates. The conversation also covers global opportunities, particularly in the US and Mexico, emphasizing Santander's growth potential and competitive advantages.

What is the main impact of Brexit on Santander's UK business?

• Higher interest rates

• Expansion into new markets

• Regulatory changes and margin pressures

• Increased customer base

What is one of the key strategies Santander is using to address weak core revenue in Europe?

• Increasing the number of customers

• Reducing digital services

• Expanding physical branches

• Raising interest rates

How is Santander addressing the challenge of negative interest rates in Europe?

• By closing branches

• By improving efficiency and profitability

• By increasing loan rates

• By reducing customer deposits

What is a potential action Santander might take if the negative interest rate situation persists?

• Reduce digital services

• Charge institutional clients

• Increase customer deposits

• Expand physical branches

What was the result of Santander's acquisition of minority interests in Mexico?

• Decreased market share

• Increased ownership to 92%

• Reduced customer base

• Higher operational costs

What is Santander's perspective on the US market?

• A market to divest from

• A challenging market with no opportunities

• A great growth opportunity

• A market with high operational costs

What is one of the competitive advantages Santander has in the US market?

• Presence in Latin America

• High interest rates

• Limited digital services

• Small customer base