(Bloomberg) -- Banco Santander SA is planning to simplify the structure of its U.S. operations by discontinuing businesses such as home loans and focusing on consumer lending.
Spain's biggest bank may also review some of its commercial and industrial business lending, it said in a presentation Wednesday.
Santander has been pivoting toward areas with scope for more profitable growth in the U.S., announcing a buy-out last year of minority investors at its consumer finance division there. It also agreed to purchase Amherst Pierpont Securities, an independent U.S. broker dealer, as part of a push into fixed-income trading.
The buyout will allow the bank to pivot toward consumer finance in the U.S., a business that can “generate lots of value for shareholders,” Chairman Ana Botin said in an interview with Bloomberg TV.
Underlying profit from the U.S. more than tripled last year to 2.33 billion euros ($2.64 billion).
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