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Santander has overhauled its Asia-Pacific business under new management, removing its top banker in Beijing, tightening employee oversight and scrapping perks such as free breakfasts.
The Spanish lender has shaken up its corporate and investment bank (CIB) in the region under Alberto Rivero, who took over as head of Asia Pacific at the start of the year, according to people familiar with the matter.
The overhaul has included dismissing the Beijing branch manager, as well as shifting the unit’s focus towards markets in south-east Asia, Japan and South Korea, which Santander’s CIB is targeting for growth, the people added.
Senior leaders at the division have also embarked on a cost-cutting drive in recent months, axing staff benefits such as complimentary breakfasts and official car services, the people said.
The changes reflect Santander’s efforts to expand in fast-growing Asian markets while tightening costs and oversight at the regional business to boost profitability.
Bankers in the region are also being more closely monitored by management and are now required to submit weekly reports detailing their work and client meetings, while business travel applications are being more tightly scrutinised, according to the people.
Although Santander’s CIB business in Asia Pacific is relatively small, it is strategically important because it enables the bank to serve multinational clients with cross-border financing and advisory needs between Asia and its core markets in Europe and the Americas.
The Spanish bank has embarked on a significant expansion of its CIB in recent years under executive chair Ana Botín, recruiting aggressively in the US.
Santander’s CIB generated revenues of €8.5bn last year, compared with €5.4bn in 2020. However, it remains a fraction of the size of Europe’s larger corporate and investment banks, with BNP Paribas’s CIB posting revenues of €19bn in 2025.
Rivero, who previously served as Santander’s head of corporate finance for Latin America, has based himself in Singapore rather than Hong Kong — traditionally Santander’s largest and most important hub in Asia — since taking over in January.
One person familiar with the matter said Rivero’s decision to sit in Singapore underlined the bank’s ambitions in south-east Asia.
They added that the new focus on growing in other parts of Asia Pacific would not come at the expense of its business in Hong Kong and mainland China. The bank expects to name a new China head in the coming weeks.
Santander’s Asia-Pacific business generated about €220mn in revenues last year across its operations in Hong Kong, Singapore, mainland China and Australia. The lender employed about 460 people across those locations at the end of 2025.
Santander has increasingly concentrated resources on a handful of core markets in Europe and the Americas in recent years, while seeking to build its corporate and investment bank into a more significant contributor to group profits.
Europe’s second most valuable lender last year sold its Polish business before making significant acquisitions in the UK and US.
Santander declined to comment.
Source:
www.ft.com
