Spanish banking giant Banco Santander is expanding in China, as trade transactions between Asia and Latin America balloon among its clients.
'We are here in China because we must follow our clients,' said Juan Inciarte, senior executive vice-president for strategy. 'Our aim is to become one of the leading banks regarding trade transactions between Asia and Latin America.'
The bank is focusing on two areas: providing trade finance services between the two regions and building a joint venture in rural banking with China Construction Bank, China's second-largest lender by assets.
Santander is now the largest financial group in Spain and Latin America. It also has a high profile in European countries, especially after it made several major acquisitions during the financial crisis.
Even though the joint venture with Construction Bank is still in the negotiating phase and needs approval from the China Banking Regulatory Commission, Santander said it had a vision.
'We chose to work with Construction Bank because of our relations,' said Peter Raphael Greiff, head of international media relations, adding that Bank of America had acted as a middleman in the process. 'The chemistry was good and we clicked.'