July 12, 2012
/PRNewswire/ -- Euromoney has named Banco Santander Best Bank in the World in 2012, the third time in seven years that the magazine has chosen Santander for this award.
The publication highlighted Santander's capacity to generate recurrent profits, even in economically difficult moments, and the soundness of Santander's balance sheet. The magazine attributes this to "two main reasons:" its international diversification and its efficiency ratio, "the best in international banking."
Santander has also been named Best Bank in five of its core markets: The UK,
(Bank Zachodni WBK),
Banco Santander Chairman
, who received the award for the bank in a ceremony in
yesterday, said: "We are the most diversified international bank and aim to be the best bank for our customers in the ten core markets. Santander will continue to put balance sheet strength, in capital and liquidity, above any other priority in coming years."
Botin added that no other bank has leadership positions in 10 core markets, spread between emerging and mature markets. "This smoothes out our revenues and diversifies risks, so that even if one country is weak, the Group remains strong."
Banco Santander chief executive
said: "This award is particularly gratifying, given the economic and financial backdrop. Euromoney's decision is a clear vote of confidence in the Group's strategy and capacity for execution."
Euromoney said: "Over the past decade, chairman
and his management team have overseen a dramatic transformation of Santander's business, which has enabled the bank to deliver impressive and consistent growth and profitability while withstanding the shocks in its domestic market." The magazine pointed out Santander has been able to act quickly when it has been required to raise capital.
"Santander is a bank that shows the benefits of a subsidiary model, in which its businesses are autonomous in terms of capital and liquidity and locally supervised. Santander is a key player in all of its core markets," the magazine added.