Smaller is beautiful for Santander
Spanish bank Grupo Santander has spent the past few years diversifying away from its traditional structured deposit business in the wake of falling sales. But instead of pulling out of the game altogether, it has cultivated a supplementary business unit dedicated to a fast-developing new client segment. Shamillia Sivathambu reports
Three years ago, dwindling demand for structured deposits prompted Santander to refocus its retail treasury business with the establishment of Santander Global Connect (SGC), a unit dedicated to delivering products and services to small-to-medium-sized businesses (SMEs) and high-net-worth individuals (HNWI). There are no other banks in Spain that have a treasury business unit exclusively dedicated to servicing SMEs. SGC's success has been in bringing treasury products to smaller businesses that
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