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| Date |
27/06/2001 |
| Companies
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BANCO SANTANDER CENTRAL HISPANO - |
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BSCH unified brand and rationalisation in Spain |
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Banco Santander Central Hispano announced profit targets for the forthcoming years and news that it was ready to unify the Santander & BCH networks in Spain, rebranding the branches as 'BSCH'. Banco Espanol de Credito will remain a separate brand although is to be de-listed from the Madrid borse.
The bank was forecasting a net profit of Pts476bn (€2.9bn £1.7bn $2.4bn) for this year, rising to Pts585bn (€3.5bn £2.1bn $3.0bn) next year and Pts700bn (€4.2bn £2.5bn $3.6bn) in 2003. Part of this to be achieved by cost savings in Spain. The bank intends to close a further 1,000 branches in addition to those already announced, a reduction of 38% since the merger which created the bank in 1999.
The announcement follows a major success by the reformists within the bank. A major early retirement program to remove many of those less comfortable with the pace of change that is required has also been agreed. The continued growth in profits at the rates forecast will not be so easy as the progress to date. The forecasts require a 45% efficiency ratio by 2003, a feat few major retail banks have achieved. As the current cost:income is 53% this is also a very fast improvement during a time of high redundancy costs and substantial goodwill to amortise from acquisitions. Implied within the forecast is that the bank's extensive Latin American operations continue not only to deliver but improve their profitability. There is currently nervousness in several Latin American markets caused by worries over the US economy and the knock on effect it will create within the region .
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