Santander named Best Bank in Western Europe
by Richard Kilner
Story link: Santander named Best Bank in Western Europe
Spanish giant Banco Santander has been named by Euromoney Magazine as the Best Bank in Western Europe due to its robust strength during the recent financial crisis.
Unlike a number of other significant European banks, particularly in the UK, Santander did not require state funding or record multi-billion writedowns due to the subprime mortgage fiasco.
Not only did Santander withstand the financial difficulties embroiling the banking industry, it also emerged from the crisis with significantly enhanced positions in the UK and Germany, two of Europe’s strongest economies.
Santander now owns the British financial institutions Abbey, Alliance & Leicester and Bradford & Bingley which form the foundation of its UK strength.
The bank was also named the Best Bank in the UK for the second year in a row and achieved the Best Bank in Spain title for the seventh time in eight years.