BGN Entrepreneur

According to analysts, one of Europe’s leading banks—Spanish-owned Santander, may not be same from further blows to the banking sector expected in 2009.
The bank is regarded as robust after the start of the financial crisis, as it has snapped up three UK’s high street banks, which are Abbey National, Alliance&Leicester and Bradford & Bingley. However, now, it is not immune to complications at home and abroad and has recently announced it will cut down 1900 job in the UK. It’s facing great challenges in Spain with the nation’s mortgage market in dire straits and arrears at all-time highs. Meanwhile, in the UK, it needs to deal with the press brought by integration of Alliance&Leicester and Bradford & Bingley into Abbey National.
Santander is taken as a global powerhouse nowadyas, but its widespread presence could also present trouble as many businesses to which it lends are strggling.
Experts are warning that banks are not on a secure path to recovery. Another sharp downturn is expected to come next summer. As a result, investors are likely to treat any short-term stock market recovery with scepticism, fearing that it is just a temporary respite from the long-term bear market.

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