Spain’s Santander Expands Agriculture Business With Brazil Bet
- Brazil unit is now dealing in 20 products, taking more risks
- Bank wants a bigger share of Brazil’s commodity trade finance
A soybean harvest in Santa Cruz do Rio Pardo, Brazil.
Photographer: Patricia Monteiro/BloombergThis article is for subscribers only.
Banco Santander SA is expanding its agriculture business in Brazil as the world’s largest soybean, sugar and coffee producer continues to increase output and solidify its position as a crops powerhouse.
The Spanish bank’s local unit has expanded its commodity risk desk to deal in 20 agriculture products, up from four a year ago, said Luiz Masagao, treasury director at Santander Brasil SA. The company is also taking more risk and wants to boost its share of commodity trade finance for local and international companies with an agriculture business in Brazil.