Driving towards the headquarters of Grupo Santander, just outside of Madrid, the scale and functionality of the place is impressive. The atmosphere is as business-like as would be expected in any commercial centre but the view across the mountains and the 18-hole golf course are more reminiscent of the country clubs enjoyed by the finance professionals of New York, London and Frankfurt than their places of employment.
The situation is analogous to the general Santander demeanour: they make it look easy even when it’s not. In July 2004, when the group announced its £9.5bn purchase of UK mortgage bank Abbey, there was a healthy amount of scepticism about the claims of a potential £350m cost saving from the IT function. Fast-forward to 2006 and the bank is considering further purchases (there has been talk of Alliance & Leicester) and seems to be strengthening Abbey’s financial markets arm to take advantage of its foothold in the UK.
