(Bloomberg) -- Banco Santander SA Chief Executive Officer Hector Grisi said he’s aiming for “forceful growth” in the coming years even though interest rates are falling.
Speaking at an event in Madrid on Tuesday, the head of Spain’s biggest bank said higher lending volumes and increased product sales will offset the negative effect. Grisi also confirmed a previous net income target for the full year of more than €12 billion ($13.2 billion).
Analysts polled by Bloomberg currently expect Santander’s net income to rise 10.8% to €12.3 billion this year. Revenue is anticipated to increase by 6.7% and by 1.3% in 2025.
Santander under Chair Ana Botin has kicked off a US growth initiative, partly by hiring investment bankers. It’s also planning to roll out a digital bank in the country, known as Openbank.
Grisi on Tuesday said the Openbank expansion is “a natural step” that will allow the bank to tap cheaper funding for its auto finance business, which accounts for the vast majority of its US revenue. The digital bank’s launch has previously been announced for this month.
Asked about a potential takeover of Germany’s Commerzbank AG by Italian rival UniCredit SpA, Grisi said he wouldn’t consider the deal as a cross-border one because UniCredit already has large operations in the country. He also said Santander is “focused” on being “the best bank in the markets we are” when asked about any potential acquisitions.
Grisi, who is a Mexican citizen, said the country has a “solid” economy. He urged President Claudia Sheinbaum, who took office a the beginning of the month, to “take measures” that will spur investment and growth.
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