Cristofani prepares Santander Río for better times

by Rob Dwyer

Today, when CEOs of banks meet anywhere in the world, the topic of conversation must surely turn swiftly to regulation. Swathes of new regulations are piling onto financial institutions: usually onerous, often conflicting and almost always constricting profitability. 

Yet Enrique Cristofani, president of Santander Río since its formation in 1997, could be forgiven for having a wry smile while listening to his contemporaries’ exasperations. 

For while he could never be got to admit it (the political risk being too high), he must at times think: ‘Try running a bank in a country that mandates banks to lend while capping fees and interest rates and setting floors on deposit rates. Try working with a central bank that changes the rules on dividend payments and capital ratios just to prevent the payment of around $20 million to foreign shareholders. Try working in a banking system without free access to dollars and with an artificial exchange rate.