Speaking at breakneck speed, even for a Spaniard, chairman Ana Patricia Botín outlines Banesto’s medium-term strategy. It does not include being used by its parent, Santander Central Hispano, which holds a majority stake, as currency in a possible merger – although the head of Spain’s third-largest commercial bank was careful to give the final word to the parent bank.
“You have to ask Santander that question. But I think today it is very clear that Banesto brings a lot of value to the Santander group: above all, growth in profit and market share and being at the forefront of technology,” says the 44-year old, who has a seat on Santander’s board. “Remember that Banesto plus Santander in Spain has about a 20% market share, which is not that large compared with, say, the UK banks. I would not recommend that Santander be smaller in its home market. It would make no sense.”
