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Santander’s Ana Botin: ‘Friendly Deals Are the Way to Go’ | Full Interview
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November 17, 2025
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9:44Now PlayingBanco Santander SA Executive Chair Ana Botin has a simple rule when it comes to M&A. Keep it cordial.
“Friendly deals are the way to go” in a world “where governments defend their countries” and “regulation is what it is,” Botin said on Bloomberg TV’s Wall Street Week on Friday.
Santander has concluded a pair of notable deals this year in Europe, buying Banco Sabadell SA’s TSB unit shortly after cutting a deal to sell its Polish unit to Erste Group Bank AG, one of the largest cross-border banking transactions in Europe in recent years.
That success contrasts with some of its rivals, who’ve seen more aggressive approaches stall. Spanish rival BBVA SA failed to get approval for its hostile tender offer for Sabadell shareholders while UniCredit SpA dropped its bid for Banco BPM SpA in July after resistance from Rome.
Botin also said that “excess” regulation and taxes means “Europe is getting further apart from the United States.” Europe must show more ambition to close the gap, Botin said, while making the case for less regulation.
“The biggest single prudential risk is lack of growth,” she said. Banks could help turbocharge economies if they had a “greater capacity to lend.”
Botin also said the US consumer is showing few signs of stress, with the bank’s auto loan loss rate “stable.”
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