Most of you on this board do not seem to take into your consideration that Santander is a world bank, only 12% of their business is in Spain. They are in just about EVERY continent including here in the US. Including my bank, Soverign Bank, I might add.
I am long too, but for accuracies' sake, I need to correct your statement. STD does 30% of it's business in Spain, but derived only 12% of it's profits from Spain. So, we are being dragged down because about 1/3 of STD's business is in Spain. Still, more than 2/3 is outside of the Iberian Peninsula. The 1/3 is dragging down the whole.
The valuations on STD are ridiculous, but create great opportunity.