Banco Santander – Best European Bank !

An article titled “A Spanish Bank Emerges as a Winner in Global Crisis” in the German newspaper Der Speigel site says that Banco Santander is the winner among European banks during this credit crisis.The article says:

“As financial institutions worldwide struggle to stay afloat, Banco Santander — now the euro zone’s largest bank by market value — is emerging as one of the few winners in the global economic crisis. With no exposure to toxic U.S. subprime assets, a diversified business spread across Europe and the Americas, and an estimated $68 billion in capital reserves, the bank, based in the port of Santander on Spain’s northern coast, is sailing past troubled rivals.”

No Exposure to US toxic assets
Bought retail branches of UK’s Bradford & Bingley cheap
Acquired British lender Alliance & Leicester cheap
Bought Britain’s Abbey National in 2004
Has Operations through out Latin America
Last year joined with RBS and Fortis to acquire ABN AMRO

Loss exposure due to slowdown in British and Spanish housing markets

Santander ADR:
Banco Santander trades on the NYSE with ticker STD.Dividend yield is 4.5%.

Overall STD seems to be a good buy when compared to other battered European banks.

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