Q. How important is it for Santander to be diversified across different markets?
A. Geographical diversification is absolutely fundamental for Banco Santander. We are present as a retail and commercial bank in 10 core markets, well distributed across mature economies, where we generated 45% of profit in 2011, and emerging markets, where we generated 55%. No other international bank has leading positions in six G-20 countries. This diversification smooths out our earnings and improves our risk profile.