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News 4

Santander spies salvation in South America

Banco Santander hopes emerging markets, in particular demand for private banking services in Brazil, will buoy profits in 2012.

When Banco Santander announced its 2011 corporate results at the end of January the world's media was quick to judge the significance of its plunging profit margins, echoed by the bank's falling share price over the past 12 months.

Despite the discouraging statistics, the group's chairman remained optimistic, pointing to Latin American demand for the group's retail and private banking products as its deliverer from economic and regulatory gloom.

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