Global reach, local connections Santander strategy

LOOKING TO MAKE CREATIVITY PAY: Ken Martin, Santander Bank's commercial markets director for New England, is planning to leverage the Madrid-based bank's global reach to present new ideas to commercial customers. / PBN PHOTO/TRACY JENKINS
LOOKING TO MAKE CREATIVITY PAY: Ken Martin, Santander Bank's commercial markets director for New England, is planning to leverage the Madrid-based bank's global reach to present new ideas to commercial customers. / PBN PHOTO/TRACY JENKINS

As Santander Bank’s new commercial markets director for New England, Ken Martin is at the epicenter of intense competition in the financial marketplace. He oversees commercial-business relationships among companies in New England with revenue of up to $500 million. Martin heads commercial teams with a combined 110 banking professionals, about 30 of whom are based in Rhode Island.
Santander lured Martin away from a six-year stint at Providence-based RBS Citizens, where he was director of commercial-enterprise banking.
The Pawtucket native’s move to Santander was announced by the bank on Feb. 6
Martin’s 32-year career in banking, continuously based in Rhode Island with expanded geographic responsibilities in former positions with Citizens, Bank of America and Fleet Bank, gives Spain-based Santander a well-known regional leader. Martin will be based in Boston, but will also work with the team at Santander’s Providence offices.
PBN: What’s your strategy to attract new commercial customers and expand relationships with existing customers in your new position with Santander?
MARTIN: The major focus is on ideas. In today’s competitive marketplace, I think the bankers and the banks that deliver creative ideas for clients at all size levels are the ones who will win. Strategically, how we position that with our team is by focusing on a three-point strategy – hustle, knowledge and caring. I think that combination, and executing on it and leveraging the capabilities we have, will be the separator for us.
PBN: How do you work with your first point – hustle?
MARTIN: Specifically, it’s about a sense of urgency, understanding that speed in the marketplace is really important today. It’s really critical to make sure we do the things we say we’re going to do – so if we tell a client we’re going to get back to you tomorrow, we do it. PBN: What about the second key point in your strategy – knowledge?
MARTIN: It’s knowledge we can use to help our clients. Today, clients really want to grow their revenue base. So, are there other customers we can put them together with to do business? Are there other markets? Can we help them go international, leveraging our international capability? We’re coming out with a trade portal. We’ve got 10 major markets across the globe and if they’re interested in doing business in Chile or Argentina or Spain, that’s a key piece of knowledge Santander has in helping to generate ideas. It could be structuring a deal or figuring out how to source a better alternative for raw material. Today, clients I talk to are really interested in a bank that’s not just coming to them to do the typical bank business.

PBN: Can you offer another example of how you might use knowledge and ideas to work with a client, beyond what might be considered typical bank business?
MARTIN: If we have a client who has technology issues, for example, we would leverage and bring out our head of IT. We want to make sure we’re bringing all the resources of an $80 billion bank to that client.

PBN: As far as the third piece of your strategy – caring – how does that work in the marketplace?
MARTIN: I really believe customers want a bank that actually cares about them. I think it’s critically important that if you’re a business customer in a bank, you get to know the management of that bank. So, I stress … that the key local management team really gets to know their clients. As a senior leader in our bank, I make sure I get to know our customers. I call on clients in Connecticut. I had dinner recently with a client in Boston. I’ve got a schedule set up for Worcester. Making sure we’re visible and that we get to know our customers – that goes a long way. PBN: In addition to making individual connections, is there a way Santander Bank shows it cares about its customers?
MARTIN: In many instances, we can demonstrate that caring by helping our customers’ employees. Is there a bank-at-work program where we can help employees with financial literacy in their banking, or with checking accounts and other products?

PBN: How do you think Santander’s global reach and international roots are going to affect your ability to compete with banks that emphasize individualized service and local decision-making?
MARTIN: In the current economy and the businesses that are playing in it, it’s become a global game. It’s important for businesses, whether you’re $2 million, $20 million or $200 million, to have an opportunity to leverage and take advantage in that global economy. I think the global reach of Santander certainly gives us an advantage in the marketplace. We have senior leaders in our markets. In Rhode Island, we have John Silva, who runs our commercial business, and he works closely with Brian Aztar, who runs our retail business. You get the best of both worlds – a bank that provides product array and capability with a global reach that can deliver at the local level with people who care about the business and understand the importance of service.

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PBN: Do you think the rebranding from Sovereign Bank to Santander in October is having an impact, either in a positive or negative way?
MARTIN: Candidly, I think that some folks think we’re a new bank. One of my interests that played into my decision to come to the bank is the rebranding. We’re spending $200 million refurbishing branches and letting people know Santander is here. It’s an ongoing focus, but the feedback I’ve heard so far has been extremely positive. PBN: One financial analyst recently said that with all the developments at RBS Citizens – like the bailout by the British government and the upcoming IPO – we can expect to see more bankers leaving RBS Citizens to go to banks with more stability. Was that a consideration in your decision to go from RBS Citizens to Santander?
MARTIN: For me, it boiled down to the growth opportunity and the mandate for this company to grow, accompanied by investments. The branding was also a factor, with the global reach and the strength of the company. The third thing I really like is the culture, the emphasis on teamwork and values like honesty, integrity and respect.

PBN: What do you see as the main challenges to small businesses in Rhode Island?
MARTIN: I continue to see many of these businesses deleverage – they’re paying down their debt and still trying to build up or hoard cash. We’re not seeing them look aggressively to investing. There’s really still a lack of confidence. Another thing is predictability – here in our marketplace we need to have predictable tax rates and predictable policies.

PBN: What’s unique about Santander’s value proposition compared with other banks in the region?
MARTIN: There’s no question the global reach is a critical card for us, because more and more businesses are thinking global and are interested in importing and exporting.

PBN: Given Santander’s heritage – being based in Spain – do you see that as an advantage in working with Rhode Island’s Latino community?
MARTIN: We believe all backgrounds are critically important to our success. That being said, I do believe it is an advantage for us. Today the Latino community is a very fast-growing percentage of the overall business population and we will be sure we leverage our background with them. •

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