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A view inside the Banco Santander Brasil

Banco Santander Brasil is a subsidiary, autonomous of the Group Santander. Santander is a Spanish multination conglomerate, which is Eurozone’s Largent financial group. It has an extensive presence throughout the world including Latin America. The headquarters being at Sao Paulo, the growth has been since its beginning in the year 1982 headed to become the country’s third largest private bank by assets. This was possible partly because of the acquisitions they made 1997 to 2007. It also launched an initial public offering on the São Paulo Stock Exchange. 

The operations of the bank was divided into two major sectors, commercials and wholesale. Commercial sector had the retail products and services provided for the individuals and SME companies. The wholesale sector served the large companies and capital market operations. The bank follows its cultural policy of “ contribute for people and business to prosper ”  Banco Santander Brasil reputes itself as Brazilians’ partner in their collective journey to a more prosperous and sustainable economy. The bank is not fixed to only focus on the financial matters but it strives to be major partner is the communities well within its reach, while initiating programs and projects which makes life better for Brazilians. It provides centers of culture, entrepreneurship and leisure. Banco Santander Brasil continuously searches for chances to increase its delivery and has announced some remarkable digital innovations to the Brazilian market, such as its AI-powered virtual-assistant GENTE.

Mr. Angel Santodomingo, Chief Financial Officer and Executive Vice-President, provides an update on the bank’s progress during extraordinary times. He shared that the strategic focus of the company was to accompany the various phases of the consumer journey to search , purchase use or sell a vehicle through the digitizes product and service range. The customers who would want to buy vehicles, get insurance, keep their cars in good running order or sell them safely would have their support. This led to an impressive presence in the auto sector. They launched “Troca com Troco” in partnership with Webmotors, allowing customers to sell their financed cars, finance the purchases of less expensive vehicles and pocket the differences, which yielded very positive results. To add to this Santander Auto, a fully digital insurance company, was the first business in the auto-insurance sector to exceed the $100-million mark in premiums in just one year. By collaborating with Webmotors, they set up movement hubs in the parking areas of selected branches, where customers can interpret or display their vehicles for sale.

He viewed from the start of the pandemic, the most immediate challenge to be the activities they did to preserve the health of the customers and employees without having to compromise the quality of their services and productivity. There were some strict protocols taken at their branches which accelerated the development of solutions provided to the remote workers. He believed that, “Clear and timely communication was the key to execute this move without any disruption in our services.” There was digitization done both in their internal processes as well as in the products and services they offered. The occupancy rates were from 85 to 90 per cent after the transition was made from Work from home scenarios to back to office premises working.

He strongly believes and quoted that, “The society we serve and offer our products and services to is, unequivocally, diverse.’’ To define what he meant, a diverse group of people always make the better decision compared to a homologues one. Therefore, the normalization of the lives of their employers were absolutely necessary. Creating an increasingly diverse and inclusive environment was one of the priorities for building a state-of-the-art company that could quickly adapt to the most conflicting scenarios too was the idea behind their success. He dedicates the bank’s success to the keeping the customers as first priority.

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Finance

Euro zone ministers expect inflation to slow in 2022

The acceleration of euro zone inflation, driven energy prices, is mostly temporary. Then the price growth will slow down again. The euro zone finance ministers agreed that, that too the next year as forecasted by the European Central Bank and the European Commission.

Paschal Donohoe, chaired the talks of the ministers in Luxembourg. In a news conference he said that there was also agreement that the inflation spike was not an argument against the transition to renewable sources of energy. This is under the EU’s ambitious plan of reducing CO2 emissions to zero by the year 2050.

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Finance

Under new rules, borrowing for investment sensible

British finance minister Rishi Sunak said that the government borrowing to fund investment was a sensible thing. This is to allow under new fiscal rules that he is likely to announce, unlike borrowing for day-to-day spending. He said that borrowing for capital investment that is going to drive up their growth is probably a sensible thing for them. And that too particularly in an environment of slightly lower interest rate. Sunak stated this in an event on the sidelines of the annual conference of Britain’s ruling Conservative Party. This event was organized by the Taxpayers’ Alliance advocacy group. Sunak stated in that event, that borrowing for more day-to-day spending is probably less something that you would want to have as part of your framework.

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Finance

IMF board to interview Georgieva-sources

The International Monetary Fund’s executive board is going to interview Managing Director Kristalina Georgieva. This is regarding that; its reviews claims that she pressured World Bank staff to alter data to favor China in her previous role. Board members were initially expected to meet with Georgieva. But spent their time working on other regular business matters.

The board members spent hours for questioning lawyers from the WilmerHale firm. This is about their World Bank investigation report which alleged that Georgieva, as the bank‘s CEO applied undue pressure on staff, to alter data in the flagship “Doing Business” report to benefit China. Then, an IMF spokesperson said that the IMF board remains committed to a thorough, objective, and timely review of the matter. Georgieva has strongly denied the accusations.

The upcoming interviews could prove pivotal in either increasing support for Georgieva. This is with many IMF shareholders are keen to wrap up the board’s deliberations on the matter. The fund’s most influential member governments, including the top shareholder the United States, have withheld public judgment. The World Bank tasked WilmerHale with investigating the “Doing Business” data irregularities identified in 2020. The law firm’s report contends Georgieva. The former World Bank President Jim Yong Kim’s office pressured staff to manipulate data so that the China’s global ranking in the “Doing Business 2018” study of investment climates rose to 78th from 85th.

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