South Africa’s Santander Car Loan has just received its first of three loans worth $4.6 billion, a big boost for the South African bank’s business.
It is also expected to be one of the lenders most liquid in the country.
South Africa is one of South America’s most important banking markets, with $9.4 billion in car loans, according to Bloomberg.
South Africa is also a key transit hub for the global financial markets, which have also been flooded with car loans.
But, like many South African lenders, Santader has struggled to keep pace with the rise of car loans in the South American market.