Santander Bank is one of the leaders in the region and one of the top 50 banks in the world, but could not enter into the Colombian market.
In Colombia the bank was forced to sell due to its lack of capability to gain market share and position the brand in the society, like they did with great results in Argentina, Brazil and Chile.
The company said that they are very interested in expanding the business in the region due to the great contribution that makes to their balance sheets and their profits. The 52% of the profits of the bank are from Latin America, region in which they have 41 million customers, 6.000 branches and the 19% of the assets of the bank, they also generates 88.000 jobs in the region.
They want to keep the expansion plans in the region with the strategy that has been making for the last years with great results, but not in Colombia. They stated Colombia as a tough market in which they could not enter. But they are not ruling out the country for a come back, of course not in the short term, but if the market behavior and preferences changes, they will be trying again to enter into the Colombian market, which is one of the most seductive market at the moment.