Banco Santander’s chairman Emilio Botín met the chairman of Bank of Shanghai (BoS), Fan Yifei, today, while on a visit to China, to review progress in the cooperation agreement the two banks signed last December when Santander acquired an 8% stake in BoS. At the meeting, at Bank of Shanghai’s offices, the chairman of Santander stressed the bank’s interest in China, where it has several agreements to develop consumer finance and investment banking businesses.
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Banco Santander strengthens its relationship with Bank of Shanghai and its support for Chinese universities
1. 1
Comunicación Externa.
Ciudad Grupo Santander Edificio Arrecife Pl. 2
28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11
email: comunicacionbancosantander@gruposantander.com
Press Release
Banco Santander strengthens its
relationship with Bank of Shanghai and its
support for Chinese universities
Emilio Botín and the chairman of Bank of Shanghai meet to review progress in their
alliance.
The two banks sign a cooperation agreement for universities, to encourage
International mobility. Six of China’s most prestigious universities will take part.
Botín holds talks with Chinese political leaders, universities and Santander’s main
clients in the country.
Madrid, April 16, 2014 – Banco Santander’s chairman Emilio Botín met the chairman of Bank
of Shanghai (BoS), Fan Yifei, today, while on a visit to China, to review progress in the
cooperation agreement the two banks signed last December when Santander acquired an 8%
stake in BoS. At the meeting, at Bank of Shanghai’s offices, the chairman of Santander
stressed the bank’s interest in China, where it has several agreements to develop consumer
finance and investment banking businesses.
“Although our presence in Asia is less significant than in other parts of the world, I am
convinced that China will play a major role in our international strategy,” Botín said.
The agreement between Santander and BoS has started to come into effect and, as planned,
the bank is forming a team of professionals to work with BoS and share Santander’s
experience in risk management and retail banking, Botín explained. “Some of the
characteristics of the Chinese market are similar to those Santander has found in other where
it operates. I am sure our experience will be very useful for BoS,” Santander’s chairman said.
The two banks are already working together on questions of risk and looking at ways of
providing financing in dollars and renminbi to take advantage of their strong retail networks,
Botín said. They have a working group analysing the business areas in which cooperation
could generate value for both banks.
Support for the main Chinese universities
The agreement between the two banks also covers universities, through Santander’s global
Universities division. Emilio Botín and Fan Yfei signed a joint collaboration agreement this
morning, which includes international mobility scholarships for students, a training programme
to improve the quality of teaching and other initiatives to improve services for university staff
and students.
2. 2
Comunicación Externa.
Ciudad Grupo Santander Edificio Arrecife Pl. 2
28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11
email: comunicacionbancosantander@gruposantander.com
Seven Chinese universities will be involved: Fudan University, Shanghai Jiaotong, Zhejiang
University, ShanghaiTech University, Shanghai Finance and Economy University, CEIBS
and Peking University. Initially they will work with another seven that are already part of the
Santander Universities network: the University of Pennsylvania, Sao Paulo University, the
Universidad Autónoma of Madrid, Frankfurt University, the Tecnológico in Monterrey, Buenos
Aires University and City University London-Cass Business School.
Santander’s chairman signed a collaboration agreement with ShanghaiTech University, which
prepares the ground for the creation of an institute for young researchers specialising in
computing and new technology, in partnership with Brown University. The agreement also
involves a programme of scholarships for young teachers and researchers and a Spanish
language learning programme. Santander has been building up its collaboration with the most
prestigious Chinese universities since 2006, helping them become more international and
linking them with universities in other countries and regions, including Latin America.
Emilio Botín also met political leaders and some of the bank’s biggest customers during his
visit. Santander has a representative office in Beijing and branches in Hong Kong and
Shanghai. The latter is the only branch of a Spanish or Latin American bank in China and it
has had a licence to deal in renminbi since 2012.
Santander currently has consumer finance and investment banking operations in China,
through which it is gaining experience of the country’s economy and financial system. In
January 2013 it announced a joint venture with the Chinese car manufacturer Anhui Jianghuai
Automobile (JAC), called Fortune Auto Finance, which is the first multi-brand car finance
company in China and is 50% owned by Santander Consumer Finance. In May last year,
Santander received clearance from the Chinese Banking Regulatory Commision to buy 20%
of Bank of Beijing Consumer Finance Company. The wholesale banking business centres
around providing trade finance to take advantage of the substantial trade flows between
China and the Latin American countries where the bank is present.