Santander tops consumer complaints

Monday, April 15, 2002

The three local subsidiaries of Spanish financial group SCH (NYSE: STD) posted the poorest score on a consumer complaints index, according to a new monthly ranking published by Brazil's central bank.

The central bank takes the number of complaints and compares them with each bank's client base to build an index of complaints for each group or bank.

SCH's Brazilian holding Santander Banespa, which includes banks Banespa, Santander Brasil and Meridional, topped the list, ahead of the subsidiaries of UK-based HSBC (NYSE: HBC) and Netherlands-based ABN Amro.

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Brazilian banks Unibanco (NYSE: UBB) and federal bank Caixa Economica Federal came in fourth and fifth respectively. The new ranking is seen as an attempt to increase consumer information available to the general public.

Brazil's largest bank in terms of assets, federally-owned Banco do Brasil (BB), came in eighth, while the largest private bank Bradesco (NYSE:BBD) was sixth.