Latin Finance - March/April 2010 - 27

santander cfo interview relationships, not just o ering good products, notes Galán. That means cross-selling and having strong, accessible channels for distribution. Real estate financing is among areas o ering the steepest growth curves, says Galán. “This [mortgage] product could grow at 40% a year during the next two or three years,” he says. The CFO says that while mortgages account for less than 3% of Brazil’s GDP, they will likely hover around 9% in five years. For this to happen, however, some structural changes need to be made in Brazil, notes Galán. Santander’s Brazil CEO Fabio Barbosa is head of Febraban, the Brazilian banks association that is pushing for changes in regulation to allow for longer-dated real funding by domestic financial institutions. “We need long term sources of funding in Brazil,” says Galán. He notes that rules prohibiting long-dated domestic bank bonds were born at a di erent time for Brazil, and are now outdated and inhibiting lending at duration. A more extensive yield curve will improve management of liabilities and the balance sheet as a whole, Galán says. Wholesale Firepower Among the more powerful tools in Santander’s Brazil arsenal are a hefty balance sheet and respectable track record in LatAm wholesale and investment banking. “The vision we have for [wholesale banking] is that it be a very important lever with clients,” says Galán. “We want to o er all of the products in corporate, wholesale and retail banking to them,” he adds, referring to payroll services and individual accounts, as well as corporate banking. For the latter, that means deploying balance sheet. “The most important thing is that the [investment and wholesale bank] become a source of recurring results based on working operations that generate revenues, and not one that is subject to market volatility.” In other words, IPOs and M&A will be icing on a cake baked largely with products like working capital, export finance, payroll management, derivatives, cash management and swaps. LF March/April 2010 LATINFINANCE 27

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Latin Finance - March/April 2010

Table of Contents for the Digital Edition of Latin Finance - March/April 2010

Latin Finance - March/April 2010
Contents
Political Risk
Man of the Year
Santander Brazil CFO
Vale Fertilizer Strategy
Finance Minister Scorecards
Privatizing Codelco
Samurai Bonds
Peruvian Rail Investment
Brazil Investor Report
Parting Shot
Latin Finance - March/April 2010 - Latin Finance - March/April 2010
Latin Finance - March/April 2010 - Cover2
Latin Finance - March/April 2010 - Contents
Latin Finance - March/April 2010 - 2
Latin Finance - March/April 2010 - 3
Latin Finance - March/April 2010 - 4
Latin Finance - March/April 2010 - 5
Latin Finance - March/April 2010 - 6
Latin Finance - March/April 2010 - 7
Latin Finance - March/April 2010 - 8
Latin Finance - March/April 2010 - 9
Latin Finance - March/April 2010 - 10
Latin Finance - March/April 2010 - 11
Latin Finance - March/April 2010 - 12
Latin Finance - March/April 2010 - 13
Latin Finance - March/April 2010 - 14
Latin Finance - March/April 2010 - 15
Latin Finance - March/April 2010 - Political Risk
Latin Finance - March/April 2010 - 17
Latin Finance - March/April 2010 - 18
Latin Finance - March/April 2010 - 19
Latin Finance - March/April 2010 - 20
Latin Finance - March/April 2010 - 21
Latin Finance - March/April 2010 - Man of the Year
Latin Finance - March/April 2010 - 23
Latin Finance - March/April 2010 - 24
Latin Finance - March/April 2010 - 25
Latin Finance - March/April 2010 - Santander Brazil CFO
Latin Finance - March/April 2010 - 27
Latin Finance - March/April 2010 - Vale Fertilizer Strategy
Latin Finance - March/April 2010 - 29
Latin Finance - March/April 2010 - Finance Minister Scorecards
Latin Finance - March/April 2010 - 31
Latin Finance - March/April 2010 - 32
Latin Finance - March/April 2010 - 33
Latin Finance - March/April 2010 - Privatizing Codelco
Latin Finance - March/April 2010 - Samurai Bonds
Latin Finance - March/April 2010 - 36
Latin Finance - March/April 2010 - 37
Latin Finance - March/April 2010 - 38
Latin Finance - March/April 2010 - 39
Latin Finance - March/April 2010 - Peruvian Rail Investment
Latin Finance - March/April 2010 - 41
Latin Finance - March/April 2010 - 42
Latin Finance - March/April 2010 - Brazil Investor Report
Latin Finance - March/April 2010 - 44
Latin Finance - March/April 2010 - 45
Latin Finance - March/April 2010 - 46
Latin Finance - March/April 2010 - 47
Latin Finance - March/April 2010 - 48
Latin Finance - March/April 2010 - 49
Latin Finance - March/April 2010 - 50
Latin Finance - March/April 2010 - 51
Latin Finance - March/April 2010 - 52
Latin Finance - March/April 2010 - 53
Latin Finance - March/April 2010 - 54
Latin Finance - March/April 2010 - 55
Latin Finance - March/April 2010 - 56
Latin Finance - March/April 2010 - 57
Latin Finance - March/April 2010 - 58
Latin Finance - March/April 2010 - 59
Latin Finance - March/April 2010 - 60
Latin Finance - March/April 2010 - 61
Latin Finance - March/April 2010 - 62
Latin Finance - March/April 2010 - 63
Latin Finance - March/April 2010 - 64
Latin Finance - March/April 2010 - 65
Latin Finance - March/April 2010 - 66
Latin Finance - March/April 2010 - 67
Latin Finance - March/April 2010 - 68
Latin Finance - March/April 2010 - 69
Latin Finance - March/April 2010 - 70
Latin Finance - March/April 2010 - 71
Latin Finance - March/April 2010 - 72
Latin Finance - March/April 2010 - 73
Latin Finance - March/April 2010 - 74
Latin Finance - March/April 2010 - 75
Latin Finance - March/April 2010 - 76
Latin Finance - March/April 2010 - 77
Latin Finance - March/April 2010 - 78
Latin Finance - March/April 2010 - Parting Shot
Latin Finance - March/April 2010 - 80
Latin Finance - March/April 2010 - Cover3
Latin Finance - March/April 2010 - Cover4
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