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Forum Post: Welcome to Globalization! Huge Eurobank, rated 'Britain's worst,' now accused of gouging US consumers

Posted 12 years ago on Dec. 9, 2011, 11:35 a.m. EST by qazxsw123 (238)
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http://redtape.msnbc.msn.com/_news/2011/12/08/9307345-huge-eurobank-rated-britains-worst-now-accused-of-gouging-us-consumers

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[-] 1 points by qazxsw123 (238) 12 years ago

p.s. Use your credit union to finance your auto loans, see who Sovereign Bank belongs to, read that book!

The Spanish bank is Germany's largest auto lender, and has enormous auto loan portfolios across Central and Eastern Europe, said Mauro Guillen, a Wharton Business School professor who wrote a book about Santander called "Building a Global Bank."

"Auto loans are low margin, but high volume gives you a good return," he said. "It's a typical way for Santander to enter a market."

It's also lucrative. Santander Consumer USA earned a tidy $455 million in 2010.

"It's a cash cow for them," Guillen said.

Santander has big designs for U.S. retail banking. It completed the acquisition of Sovereign Bank, largely a regional lender based in the Northeast, in 2009. It recently received approval to convert from a savings bank to a national bank, and plans to begin rebranding 747 Sovereign branches as Santander early next year.

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