Other people's money: international banking is still going strong in South Florida despite challenges from bank regulators and patrons made anxious by tough efforts to thwart terrorism

South Florida CEO, March, 2005 by Mike Seemuth

Banco Santander also expects to grow its base of customers in Miami, which have $9.5 billion of private-banking accounts under management here. Asked how, Avalo responded with candor. "Frank answer? You steal them from somebody else."

But for Santander and other major multinational banks, grabbing one rich client at a time may never be enough--especially as their legal compliance costs in the US escalate.

"We acquire the whole bank," Avalo says with a laugh. "It saves time."