BOGOTA -(Dow Jones)- The Colombian unit of Spain's Banco Santander SA (STD, SAN.MC) is evaluating the possibility of acquiring local firms to boost its growth in the country, the bank's top official in the country said Thursday.
"Colombia is a priority," Roman Blanco, chief executive of the local unit of Banco Santander, said during a press conference. "We are here to grow in an organic way or in an inorganic way, possibly through acquisitions; if there is an opportunity, our shareholders will see how," he added.
The financial regulator in Colombia Wednesday said Banco Santander's Colombian unit booked a net profit of 62 billion Colombian pesos ($31 million), 75% higher than in the same period a year ago. That was fastest growth among Colombian banks in the period.
Blanco expects the bank's net profit will continue the growth path.
Colombia wasn't always a priority for Banco Santander. The bank's total assets represented about 3.3% of the total assets of all the country's private banks at the end of September, down from 4.2% in January 2006, according to data from the country's regulator. The bank was the 13th largest in terms of assets at the end of September, while it was the eighth in January 2006.
-By Inti Landauro, Dow Jones Newswires; 57-1-610 70 44 Ext. 1131; colombia@dowjones.com