Daily Management Review

Banco Santander reorganizes operations in private and business services sectors


The biggest bank in Spain, Banco Santander, has combined its activities to create two new global divisions: Retail & Commercial and Digital Consumer Bank (which provides digital services) for individuals and businesses worldwide.

Petar Milošević
Petar Milošević
Santander said in a news release that as a result, all of its operations will be split among five international business lines. These include the Payment Services division (Payments), Corporate & Investment Banking, and Wealth Management & Insurance, in addition to Retail & Commercial and Digital Consumer Bank.

According to a press statement, "this will allow the bank to enhance customer service and streamline operations, as well as help achieve the strategic goals set in February, which remain unchanged."

Starting in January 2024, the bank will start reporting into the new five segments. Regional data will go into the reporting's auxiliary segments.

source: bloomberg.com