Banco Santender Central Hispano Americano, S.A. (BSCH), based in Santender, Spain, is furthering its existing presence in Latin America with the recent purchase of Banco del Estado de Sao Paulo (Banespa) for $3.6 billion.

Although the acquisition may seem like a sensible move for BSCH, some analysts are wary about the outcome. Moody's Investors Service has changed BSCH's Aa3 debt and deposit ratings outlook from positive to negative.

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