Future Remains Brighter for Banco Santander than Many of Its Competitors

A couple of years ago, earnings growth-obsessed investors and banking analysts treated Banco Santander (STD) almost as an after-thought. For every mention of Banco Santander in the UK investment press, there were 10 articles on each of the other big banks; Barclays (BCS), RBOS, LloydsTSB (LYG), HBOS (HBOOY.PK) and HSBC (HBC). Santander just wasn’t very exciting. Plus, the London investment community, deeply in love with its own Anglo Saxon model of capitalism, was ever so slightly amused at the thought that our European cousins in the Mediterranean might articulate banking management skills equal, or god forbid superior, to those in London or Edinburgh.

Now, as the country continues its efforts to formally exit the worst financial crisis in living memory, the enigma that is Banco Santander is better appreciated.