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Santander to invest $6 billion in digital transformation in Latin America

Santander to invest $6 billion in digital transformation in Latin America
Santander to invest $6 billion in digital transformation in Latin America   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<div> <p><span class="caps">MADRID</span> – Spain’s Santander will invest around $6 billion between 2022 and 2024 to promote digital transformation of its Latin American operations, the bank said in a statement on Wednesday.</p> <p>Santander’s diversification overseas, especially in Latin America, has helped the bank cope with tough conditions for lenders in Europe in the years since the financial crisis.</p> <p>It hopes that expanding in emerging economies will help it deliver faster growth than its core markets in Europe of Spain and Britain.</p> <p>Santander has previously said it invests around $5.6 billion in technology per year as a group.</p> <p>Around 40% of Santander’s profits come from Latin America, with Brazil being its biggest market there.</p> <p>The whole region is home to 80 million of its 152 million customers and to half of its 193,000 employees.</p> <p>Santander has recently raised its stake in its Mexican unit to 96.2%.</p> <p/> </div>