Banco Santander , Spain's biggest bank, is on the prowl for more acquisitions in Colombia and Peru as it presses ahead with its expansion across Latin America, the Financial Times reported on Monday.

Francisco Luzon, head of Santander's Latin American operations told the paper the bank was looking to increase its presence in Colombia and Peru, where it currently has market shares of between 10 and 20 percent.

If everything goes to plan, they will be the two countries which we will target for acquisitions over the next four or five years, Luzon said.

Santander, which also has operations in Argentina, Brazil, Mexico, Chile and Uruguay, has stepped up its expansion in the region to offset its weaker European and U.S. markets.

Last month the Spanish bank bought the remaining 24.9 percent of Santander Mexico from Bank of America Corp.

(Reporting by Caroline Copley; Editing by Dhara Ranasinghe)