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“Certainly, Santander’s growth strategy is a success story so far,” said Andre Martins, an analyst at XP Investimentos. “But the bank will be the one most exposed to defaults if the Brazilian economy turns down.”. (For a graphic on Santander Brasil's share of auto loans in Brazil, see tmsnrt.rs/2GtCxFR). For now, Brazil’s economy appears to be on the upswing. And Santander executives say their strategy is battle-tested. Around 80 percent of the Brazil unit’s auto loans are on cars aged four years or less, and down payments are hefty, averaging 36 percent.

“If Santander’s loan book were problematic, it would already have popped after a 3-year historic recession,” said Angel Santodomingo, chief financial officer for Santander Brasil, “Our success in credit quality is related to our ability to analyze and price individuals’ risk.”, Santodomingo would not reveal Santander’s secret sauce, But the bank is harnessing big data to glean information beyond borrower income and savings, And Brazil risk officers are using company tools that have proven successful elsewhere, including cartier cufflinks replica the United States, where Santander is a major subprime auto lender..

The bank has also embraced the internet to grow its business, leveraging online sales generated through WebMotors, a top car-selling website that it owns. Two years ago it launched an app that allows dealers to arrange car loans within minutes for buyers who provide eight pieces of information, an innovation that is now being copied by other Brazilian banks. That process had previously taken at least a day and required car buyers to provide reams of documentation. If a loan is approved, clients sign the contract digitally.

“It saves a lot of time,” said Eduardo de Jesus, a salesman at Basile Center Car, located in a middle-class neighborhood on Sao Paulo’s cartier cufflinks replica northwest side, Santander plans to use that model to grow its consumer finance business in Brazil with loans for vacations, building materials and solar panels, according to Andre Novaes, head of Santander’s consumer finance unit, Many Brazilian banks have avoided such lending because of the high default risk and shaky collateral, To safeguard its portfolio, Santander said it has encouraged highly-indebted clients to refinance and consolidate different types of loans in arrears into a single loan with more amicable terms..

Some bankers, however, view the practice as a way to mask Santander’s default ratio. Severe losses in 2011 forced Itau and Bradesco to stop financing low-end motorcycles, and to ban cars aged ten years and older from their portfolios. They also increased down payments and shortened loan maturities, which had stretched as long as 70 months. Santander has been in Brazil since 1982. It has made a few good-sized acquisitions, including the purchase of the Brazil unit of Amsterdam-based ABN AMRO in 2007.

But most of its organic growth spurt has come under Sergio Rial, who took the CEO job at Santander Brasil in January 2016, A lawyer and economist, Rial served a stint as chief financial officer at the grains trader Cargill Inc and as a board member at ABN AMRO, He was chief executive of the Brazilian meatpacker Marfrig when Ana Botin, the executive chairman of Santander Group, tapped him for the top job in Brazil.(Santander Brasil share's outperform rivals: tmsnrt.rs/2ADY3Cx), While car loans have juiced growth, Rial has also bet on safer credit lines, including payroll loans and mortgages, as well as credit cards, Overall, Rial has been strengthening Santander’s retail arm to the detriment of corporate loans, Consumer loans comprise 70 percent of the bank’s loan book, up 12 percentage points from when Rial took the cartier cufflinks replica CEO post..

To engage the bank’s employees, Rial has tied more of their compensation to performance; variable compensation increased 16 percent from 2015 to 2017 even as the bank’s payroll shrunk roughly 7 percent. The number of clients has increased for 40 straight months, reaching 23.4 million in September. Still, the auto loan business remains the bank’s standout in terms of growth. De Jesus, the car salesman at Basile Center Car, said Santander’s rivals are paying attention. “When clients come to a store, they want to know exactly if the down payment suits their pockets, and Santander’s tools show it immediately,” he said. “Other banks are copying it now.”.

LONDON (Reuters) - It was meant to be the first year in nearly a decade that the world’s central banks took more cash out of markets than they pumped in, Instead, China — and slowing growth elsewhere — may ensure yet another year of positive liquidity flows, It will still be a momentous year for markets hooked on cheap money provided by the U.S, Federal Reserve and its counterparts in the euro zone, Britain, Japan and elsewhere, Those four cartier cufflinks replica central banks are expected to cut the size of their balance sheets by more than $200 billion..