Santander expanding investment bank in US and UK

Santander (SAN.MC) is accelerating growth of its investment bank by hiring at least 50 bankers primarily in the United States, two people with knowledge of the matter told Reuters.

Spain’s biggest bank is best-known as a retail lender in Europe and Latin America, but wants to become a bigger player in investment banking under chair and former JPMorgan banker Ana Botin.

The expansion will involve hiring at least 50 bankers – many from stricken Credit Suisse, the sources said.

More than 20 bankers have already been recruited, chiefly in the United States, the first source said, adding the announcement on the overall hiring spree could come within weeks. New recruits could start in August, that person said.

The recruitment is being overseen by the head of Santander Corporate and Investment Banking, Jose M. Linares, also a former JPMorgan banker.

Santander is currently a minnow in U.S. investment banking. But it wants to become a ‘tier two’ player over time, behind Wall Street giants like Goldman Sachs, the second source said.

The hires will be focused in areas including leveraged finance and corporate services for multinational companies with a presence in Europe and Latin America, the people said.

As well as the United States, some new investment bankers will join Santander in Britain and Spain.

This report’s information was first seen on REUTERS; to read more, click this link.