Santander aims to double U.S. bank profits by 2016

Reuters

MADRID, Oct 18 (Reuters) - Spain's Santander isaiming to double profits from its U.S. banking business in thenext three years from $1 billion now, Chairman Emilio Botin saidon a visit to New York, in comments confirmed by the bank onFriday.

"The target is to double that profit in three years to $2billion, through organic growth," Botin said on Thursday on theU.S. trip, where he launched the rebranding of the business fromSovereign Bank to Santander.

Botin said that Santander's U.S. bank, which operates in thenorth-east of the country, was also aiming to reach a 10 percentmarket share from 3 percent now. He conceded this could bedifficult to reach with organic growth, however.

Botin also said that Santander was still planning to goahead with a listing of its UK business. This had at one stagebeen pencilled in for 2014 or 2015, but in July the bank said itwas not on the table in the medium-term.

"We will float (it) at the appropriate moment," Botin said."I don't know if it could be 2015 or 2016."

View Comments (0)