Santander recognizes that banking is very sensitive to current political uncertainty

José Antonio Álvarez He pointed out that banks are a sector "particularly sensitive" to political uncertainty. The CEO of Banco Santander has made these statements in the Spanish Chamber of Commerce in London, after talking about the scenario marked in Spain by the PSOE-Podemos agreement to form a Government, but also by the uncertainty related to Brexit.

The CEO of Santander has said he is not very fond of talking about politics, but has also acknowledged that current events "make it inevitable."

"Like all businesses, we want as much certainty as possible: the sooner we know the road ahead, the better. If there is a business particularly sensitive to certainty, it is banking," he warned.

In this sense, it has affected the difficulty of investing with confidence in the future in times of severe changes, such as those taking place in different parts of the world. "The bankers expect stability to be able to dedicate our efforts to support the local economies where we operate," he explained.

In any case, Álvarez has assured that Banco Santander is "ready for any eventuality" and has long prepared its teams and systems for the potential scenarios around Brexit, with the aim of minimizing any impact for its customers.

The ‘number two’ of Ana Botín has taken advantage of the meeting to express her desire that Spain and the United Kingdom continue to enjoy "the strong and deep relationship" they have built for generations. "Brexit will bring changes, but that relationship must, and I'm sure it will, endure," he said.

Union United Kingdom with Spain

Along the same lines, Álvarez has highlighted the common economic and geopolitical interest of both countries in the Atlantic and, although the change "always brings uncertainty in the short term," he has been optimistic about the future of Spain and the United Kingdom.

"I trust that citizens, companies and governments will accept change, adapting to the rapidly evolving world to better face global challenges," he said.

The United Kingdom is the fifth market for Spanish exports, with a value of 19,000 million. In 2018, Spain imported more than 11,000 million from the United Kingdom, and 12,000 Spanish companies export to the country.

Likewise, the United Kingdom is the first destination for Spanish international direct investment and the second investing country in Spain: 18 million British tourists visit Spain every year and 2.5 million Spanish women travel to the British country.

"The Atlantic connection between our countries will open the door to deeper cooperation and boost economic and trade relations between us and with other countries on both sides of the ocean, such as Latin America, the United States and Canada. The ongoing dialogue between political actors and economic it is essential to maintain these commercial ties and provide companies with the best conditions to grow internationally, "said the CEO of Banco Santander.