Banco Santander announces $10 bn to finance infrastructure in Brazil
Emilio Botin, chairman of Spain's Banco Santander SA, said on Thursday that the bank will make $10 billion in financing available for infrastructure projects in Brazil. Mr. Botin announced it after a meeting with President Dilma Rousseff in Brasilia.
Mr. Botin said:
"We want to help with financing, directly or through customers we advise, one out of every five reais for the infrastructure plan."
Botin also said that Santander expects loan book growth at itsBrazil unit, Banco Santander Brasil SA , to be about 10 percent in 2013.
Mr. Botin praised the outlook for Brazil and the government's efforts:
"Brazil has sufficient margin for maneuver to make the necessary adjustments and has a government that clearly aware of what needs to be done and will do it."
Banco Santander Brasil is the subsidiary of Banco Santander in Brazil, its largest division in Latin America and one of the world's most important, accounting for 50% of the total profit of the group. The bank was founded in 1982 in São Paulo, where its headquarters are located.
Santander is the fifth largest commercial bank in Brazil by assets, after Itaú Unibanco, Banco do Brasil, Bradesco and Caixa Econômica Federal.
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