Spanish banking giant Banco Santander is one of the world's largest banks. Santander has three principal segments: continental Europe, UK and Latin America. The lender offers retail, wholesale, commercial and private banking, and asset management services. Its wide range of banking services and products spans consumer credit, mortgage loans, lease financing, factoring, mutual funds, pension funds, insurance, commercial credit, investment banking, structured finance, and merger and acquisition advice. Santander's operations in the region include Brazil, Mexico, Argentina, Chile, Peru, Puerto Rico, Uruguay and Colombia. In 2014, the group consolidated its position as a main player in the financial system of these countries, through operations such as the acquisition of a consumer loan portfolio of around US$298mn from Scotiabank in Mexico; the increase of its controlling stake to 88% in Banco Santander Brazil, where it also acquired electronic payment processing firm GetNet and formed a payroll loan joint venture with Banco Bonsucesso; and the restart of operations in Colombia after selling its local unit Banco Santander Colombia to Chilean bank CorpBanca in 2012. In April 2015, a preliminary agreement was announced between Santander's asset management arm and Pioneer Investments to form a leading asset manager for the Latin American and European markets. The partners expect the new partnership to benefit from greater scale and diversification in terms of markets, products, clients and distribution channels. Banco Santander was founded in 1857 and is based in Madrid, Spain.