BOSTON, July 11, 2014 /PRNewswire/ -- Euromoney magazine has named Santander the Best Bank in Western Europe, Spain, Mexico and Argentina in its 2014 annual awards.
The international financial magazine highlighted the Santander Group's geographic diversification and network of separately-capitalized subsidiaries in its selection. Euromoney also recognized the Bank's large retail banking and consumer financing businesses in Europe, which produced a significant share of group earnings.
In addition to Western Europe, Santander was awarded "2014 Best Bank" by Euromoney in five of the Bank's main markets: Spain, Portugal, Mexico, Argentina and Puerto Rico.
Euromoney underlined the successful merger of Santander, Banesto and Banif in Spain in 2013, noting that it was completed ahead of schedule and had achieved market share gains in customer funds and deposits, while cutting the cost of time deposits by 170 basis points. Regarding the Bank's presence in Portugal, it noted that Santander "continues to tower above the other Portuguese banks" and was the only bank in the country that needed no state aid during the European financial crisis.Regarding Santander's Latin American operations, Euromoney recognized the Bank's growth in Mexico, where it expanded its portfolio by 12.6%, increased net earnings by 17.1%, and achieved the best efficiency rate among banks in the country. In Argentina, Euromoney noted that Santander Rio maintained its market leading position in loans and deposits from the private sector. In Puerto Rico, it noted that, despite the difficult operating environment, Santander grew its attributable profit by 40%. Euromoney, founded in 1969, is a recognized leader in business and financial news commentary and is read by senior executives, regulators and government officials in more than 170 countries. The media outlet's readers are mainly in Europe, which accounts for 30% of its subscribers, with 23% in the UK, 23% in the US, and the remainder in Latin America and Asia. Euromoney's annual Awards for Excellence program is a banking industry benchmark. The award winners are selected by the Euromoney editors according to objective measures including profitability, growth and efficiency, in addition to subjective criteria. Santander's holdings in the United States include Santander Bank, N.A., the retail and commercial bank with main corporate offices in Boston operating in nine northeastern states, and Santander Consumer USA, the Dallas-based consumer and auto finance company. About Santander Banco Santander (SAN.MC, STD.N, BNC.LN) is a retail and commercial bank, based in Spain, with a presence in 10 main markets. Santander is the largest bank in the euro zone by market capitalization. Founded in 1857, Santander had EUR 1.24 trillion in managed funds, 103 million customers, 13,927 branches – more than any other international bank – and 182,958 employees at the close of 2013. It is the largest financial group in Spain and Latin America. It also has significant positions in the United Kingdom, Portugal, Germany, Poland and the northeast United States. Santander registered EUR 4.37 billion in attributable profit in 2013, an increase of 90% from the previous year. Santander Bank, N.A. is a top retail bank in the United States by deposits. Its main corporate offices are in Boston and it operates principally in Connecticut, Delaware, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island. Santander's 9,469 employees serve its 1.8 million customers through the Bank's 706 branches, 2,084 ATMs, call centers, website and mobile app. Supervised by the Office of the Comptroller of the Currency and a member of the Federal Deposit Insurance Corporation, Santander in the United States is a wholly-owned, financially autonomous subsidiary of Banco Santander (NYSE: SAN), a global commercial and retail bank. For more information about Santander, visit www.santanderbank.com or call 877-768-2265. SOURCE Santander Bank, N.A.