The president of Santander Bank subsidiary BrazilMario Leão, stated this Tuesday that they want to gain ground among the low-income population, a segment for which “they bet a lot” and which they hope will stop being in deficit in the coming years.
“The low-income segment is super important for Santander, it always has been, what we are looking for is to address it in a more precise, modern and much simpler way”Leão said in a press conference to explain the results for the first quarter of 2024.
The executive believes that the bank has “good chances of winning that match” because they are delivering “all” what that audience expects, which does not necessarily have to be something new, but rather an experience “simple and fluid”.
He noted that they are studying this branch of business more deeply, which the bank describes as “massive income,” so that “begin to be profitable” in the future.
In a context in which digital banks are expanding, the idea is to take steps for that low-income segment “be broader and more active” within Santander Brasil, a subsidiary in the South American country of the Spanish financial group.
“I am not obsessed with the number of clients, but with the relationship we have with them (…) And I hope that from the new offer for low income, the base of active and total clients will grow, but I am more interested in the assets“, specific.
This plan includes offering certain services free of charge, multi-channel service and a catalog adapted to the profile of each customer.
However, this does not mean that they are going to change their risk policy in relation to credit..“It is not ‘free’ credit, we will give credit to the extent of our appetite”clarified Leão.
The Santander bank obtained a net profit of 561 million euros (US$ 600 million) in Brazil between January and March of this year, a 19.7% more than in the same period of 2023.
The figure represents a 70% of the 796 million euros (US$ 850 million at today’s exchange rate) earned by the group throughout South America, as reported by the entity this Tuesday.
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Source: Gestion
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