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Santander quits Australia

image005Spanish bank Banco Santander is exiting Australia. The bank, one of the largest entities in the world and at one point Europe’s largest bank, opened its first branch in Australia in 2012 in order to increase its presence in the Asia-Pacific region. The decision comes in the wake of several international banks, including investment banks are leaving the Australian market. Among them are Barclays, which closed down operations recently, Canada’s GMP and Malaysia’s CIMB. Nomura group too closed down its Australian institutional equities franchise. Santander has been present in Australia through a representative office in Sydney since 1990. It has around $160 million worth of loans, mostly to businesses. There are only a dozen employees.

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