Banco Santander SA (NYSE:SAN) has made a significant move in its strategic expansion plan by hiring David Miller, former co-head of investment banking at Credit Suisse (SIX:CSGN), to serve as the vice-chair of investment banking in its securities division. Based in New York, Miller will report directly to the unit's chief, Jose Linares.
This high-profile appointment is key to Santander (BME:SAN)'s comprehensive strategy to enhance its presence in the US market. The Madrid-based bank has been aggressively expanding its footprint, particularly after thousands of Credit Suisse employees sought new opportunities following UBS Group AG (SIX:UBSG)'s acquisition.
Despite being widely recognized as a retail bank, Santander maintains substantial investment banking operations in Spain, Brazil, and Mexico. Under the leadership of chairperson Ana Botin and with a strong advisory focus, the bank aims to double the size of its US investment banking operations.
As part of this ambitious plan set for 2022, the bank intends to recruit hundreds of bankers and expand services to its existing corporate clients in Latin America and Europe. This strategy underscores Santander's commitment to leverage its global reach and diversify its operations beyond traditional retail banking.
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