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Banco Santander’s Globalization

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Submitted By aliisrafilov
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Global Business
Global Business
08
Fall
08
Fall

Banco Santander’s Globalization
Amir Golafshan
- Santander expands abroad – The key factors for its success.
Banco Santander’s Globalization
Amir Golafshan
- Santander expands abroad – The key factors for its success.
Fall
11
Fall
11

The Santander Corporation is a banking organization, originated in Santander, Cantabria, north of Spain in 1857. The organization is the largest bank currently in the Eurozone and one of the largest banks in the world considering its market capitalization. Forbes Magazine Global has listed Banco Santander at the 13th largest public organizations in the world with $94.74 Billion market capacity. The company has currently 178,869 employees. The Chairman of the company is Emilio Botin and Alfredo Saenz Abad the CEO. The organization offers the following products, retail banking, commercial banking, asset management, investment banking, private banking, private equity and insurance. However mostly concentrating on retail banking.

The merge of Banco Santander, Central Hispano, Central and Banco Hispanoamericano originated BSCH (Banco Santander Central Hispano) in 1999 was the key facture of its growth. Then there was the merge of Santander and Banco Central Hispano (BCH), which later came to conflicts where the BCH executives Jose Amusategui and Angel Corcostegui agreed to accept compensation and retire from the organization. They left the control to chairman Emilio Botin. The expense of their compensation to retire from the company was €164 Million out of the shareholders pocket. The press acted very strong about these transactions, after some time Bolton was eventually taken to trial. He received criminal charges for “misappropriation of funds” and “irresponsible management.” In 2005 he was cleared of all charges, the verdict said that the retirement payments two

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