By Andy Sambidge
Banco Santander signs agreement with Dubai's ICD as it looks for expansion in the region
Banco Santander, one of the world's biggest banking groups, is in talks to bring its financial services to the Middle East.
Investment Corporation of Dubai (ICD) said it has signed a memorandum of understanding with the Spanish banking giant "to explore potential areas of cooperation to jointly offer world class financial services in the region and other emerging markets".
Banco Santander is a Spanish-based publicly listed multinational bank operating in ten core markets in Europe, Latin America and the United States.
It is the largest bank by market capitalisation in the euro zone and the largest financial franchise in Latin America.
Sheikh Ahmed Bin Saeed Al Maktoum, chairman of the Dubai Supreme Fiscal Committee and board member of Investment Corporation of Dubai said: "We are confident that the signing of the MOU marks a first step in a mutually beneficial relationship between our organisations to share experiences and explore opportunities."
Emilio Botin, chairman of Banco Santander, added: "We look forward to exploring opportunities to work with ICD in the region and beyond."
Following the signing of the MoU, a joint task force will be established to identify business opportunities of mutual interest in the Middle East, Latin America and Asia Pacific regions.
According to Forbes Magazine Global 2011, Banco Santander was the 13th largest company in the world.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.