Santander CEO believes markets are overreacting to Brazil elections
SAN•Banco Santander CEO Hector Grisi said markets are overreacting to elections in Brazil and that Brazilian rates will not fall as much as the bank had expected in its plan.
1. Brazil outlook
Grisi said Santander plans to continue its buyback in Brazil. He also said the bank sees minor migrations toward higher-yielding deposits in Spain, the UK and Brazil, and that it is too early to say whether there will be more room to improve cost synergies in the U.S.
2. Other expectations
Santander expects to obtain a Danish compromise in the coming two or three quarters. CFO Jose Garcia Cantera said the bank is very constructive on the future net interest income outlook in the UK.
