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Santander Bank
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Santander Bank, N. A. (/ˌsɑːntɑːnˈdɛər/) is an American bank operating as a wholly owned subsidiary of the Spanish Santander Group. It is based in Boston and its principal market is the northeastern United States. It has $57.5 billion in deposits, operates about 650 retail banking offices and over 2,000 ATMs, and employs approximately 9,800 people. It offers an array of financial services and products, including retail banking, mortgages, corporate banking, cash management, credit card, capital markets, trust and wealth management, and insurance.[1]

Key Information

Santander Bank in New York near Grand Central Station

Sovereign Bank changed its name to Santander Bank on October 17, 2013; the stadium, arena, and performing arts center for which it has naming rights were also rebranded.

History

[edit]
See also: Banco Santander § History
Santander Bank branch footprint in the eastern United States
Santander Bank, Summer Street, Boston, United States

Santander Bank, N.A., was founded on October 8, 1902 as Sovereign Bank, a savings and loan in Wyomissing, Pennsylvania. The company's earliest customers were largely textile workers. Sovereign expanded rapidly during the savings and loan crisis of the 1980s and 1990s, acquiring numerous other banks.[6] In 2000, Sovereign bought 278 New England branches from the newly merged FleetBoston Financial, becoming the third-largest retail bank in the Boston area.[7][8] This transaction was driven by a requirement from bank regulators that Fleet Bank and BankBoston divest 306 branches as a condition for merger.[9]

Forty-five years before the founding of Sovereign Bank, its future parent was founded as Banco Santander on 15 May 1857, with the approval of Queen Isabel II of Spain.[10] The bank grew and in the 1920s started to build a network of branches. In 1942 it opened in Madrid. In 1934 Emilio Botín Sanz de Sautuola y López became director, and in 1950, chairman. He expanded the bank throughout Spain, and in 1957 it was Spain's seventh-largest bank. In 1976 it acquired First National Bank of Puerto Rico, and in 1982 Banco Español-Chile. In 1986, Emilio's oldest son, Emilio Botin-Sanz de Sautuola y García de los Ríos, succeeded him. In the late 1980s he acquired CC-Bank in Germany and a stake was in Banco de Comercio e Industria in Portugal. In 1989, the "Supercuenta Santander" was launched.[11]

Sovereign bought the naming rights to Mercer County's new arena in 1999 in support of newly acquired Trenton Savings Bank (formerly TSFS) and other New Jersey branches for a ten-year term. In following years, the bank also named the Sovereign Center arena and Sovereign Performing Arts Center in Reading, Pennsylvania, and Sovereign Bank Stadium in York, Pennsylvania.

In June 2006, Banco Santander purchased almost 20% of Sovereign Bank for $2.4 billion. As Banco Santander owned 25% of Sovereign, it had the right to buy the bank for $40 per share for one year beginning in the middle of 2008.[12] On 1 June 2006, Sovereign Bank purchased Independence Community Bank Corp. of Brooklyn, New York, for $3.6 billion in cash.[13] Sovereign completed the transition process of Independence and S.I. Bank & Trust customers on 9 September 2006. Sovereign financed this merger through its partial sale to Spain's Banco Santander Central Hispano.[14]

On 13 October 2008, Banco Santander purchased the remainder of Sovereign for $1.9 billion.[15] Sovereign Bank was severely affected by losses related to auto loans and stock in Fannie Mae and Freddie Mac.[16] Banco Santander had previously seen a loss of over $1 billion on its investment in Sovereign, when the latter's share price tumbled after being downgraded by Moody's in September 2008.[17] On 30 January 2009, Banco Santander completed its acquisition of Sovereign Bank, for about $2.51 per share.[18]

In August 2011, the bank announced its plans to formally relocate its U.S. headquarters from Wyomissing, Pennsylvania, to Boston, where its top executives had already been located for several years.[19]

In late September 2011, the bank announced that it would officially change its name to "Santander" as part of its parent company's goal to create a global brand.[20] The rebranding was completed on 17 October 2013.[21]

In March 2015, Scott Powell was appointed head of U.S. business at Santander, and CEO of Santander Holdings USA, replacing Roman Blanco.[22] Powell left his role as CEO in December 2019. He was replaced by Timothy Wennes.[23]

In May 2024, Santander Bank notified its customers of unauthorized access to Snowflake, a third-party database system. Santander's statement stated that hackers successfully accessed data of 30 million customers of Santander Chile, Spain and Uruguay, as well as all current and some former Santander employees.[24]

In February 2025, Christiana Riley was announced to be succeeding Tim Wennes as CEO of Santander US. This action comes as part of a broader restructuration of the bank, which includes eliminating regional divisions and shifting to five global units. Riley, who had joined Santander in 2023, will now be leading the U.S. operations as the bank expands in areas like corporate banking and digital banking. The restructuring will also see changes in other markets, including a new CEO for Banco Santander Chile.[25]

References

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[edit]
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Santander Bank

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Banco Santander, S.A. is a Spanish multinational and company founded on May 15, 1857, in the city of , initially to facilitate trade between and the . Headquartered at Ciudad Grupo Santander in , , it operates as a leading global retail and , focusing on , mortgages, deposits, cards, and loans. As of September 2025, the bank serves 178 million customers, employs 201,304 people, and manages total assets of €1,841 billion, customer loans of €1,007 billion, and deposits plus mutual funds of €1,230 billion across 10 core markets in Europe (, , , , and ) and the (, , , , and ). The bank's growth has been marked by strategic expansions and mergers that transformed it from a regional into a global powerhouse. A pivotal milestone occurred in 1994 with the acquisition of Banco Español de Crédito (Banesto), which solidified its dominance in the Spanish market. In 1999, merged with Banco Central Hispano to form Banco Santander Central Hispano, enhancing its domestic position and international reach. Subsequent key acquisitions included major stakes in Latin American banks during the and , such as 35% of in in 1997, enabling expansion into and New York operations. By the , had established a strong presence in and through further mergers, including with Banco Popular Español in 2017, and ventured into the U.S. market via acquisitions like Sovereign Bank in 2006 and the launch of a digital in 2024 offering up to $30 billion in vehicle loans. Today, under the leadership of Executive Chair since 2014, emphasizes digital innovation, sustainability, and customer-centric services, earning recognitions such as 'Best ' in and several individual countries in 2025. Santander's prioritizes retail and commercial banking, with significant operations in , , and through subsidiaries. It maintains 3.5 million shareholders and reported strong financial performance in 2025, including 16% year-over-year growth and a 16.1% . The bank's commitment to ethical practices and global prosperity is reflected in its purpose: "to help people and businesses prosper," supported by initiatives in and environmental responsibility across its markets.

History

Founding and early development

Banco Santander was founded on May 15, 1857, in the city of , through a Royal Decree signed by Queen authorizing its incorporation as Banco de Santander. The initiative came from a group of 72 local merchants and businessmen connected to the port's maritime activities, aimed at bolstering financial support for trade links with the amid the of the Cantabrian region. The bank's initial capitalization stood at 5 million reales de vellón, structured through shares held primarily by the founding group, including key figures such as Antonio Gutiérrez Solana, Juan Antonio Casares, and the Barón de Alcedo, who had proposed the project in 1854. Early operations focused on financing for mercantile societies, including discount operations on commercial bills and support for export activities tied to the port's trade in commodities like and iron with . This emphasis on helped establish a solid regional base, with the bank issuing its own notes until 1874 under Spain's monetary laws. During the late 19th century, Santander expanded its footprint in northern , opening its first branches in the 1860s to serve growing demands in and industry, such as financing for and livestock sectors in and neighboring provinces. By the early 20th century, this regional network had solidified the bank's role in local economic development, prioritizing agricultural loans and merchant discounting over speculative ventures. The bank navigated the challenges of the (1936–1939) by adhering to a strategy of neutrality and concentrating on local operations, avoiding entanglement in national political conflicts and sustaining essential services for the Cantabrian economy despite wartime disruptions. This prudent approach ensured its continuity without significant asset losses or closures, positioning it for postwar recovery as a stable regional institution.

Expansion through mergers and acquisitions

During the 1930s to 1960s, Banco Santander focused on domestic consolidation in Spain, absorbing smaller regional banks to expand its branch network and solidify its position amid the country's economic recovery and industrialization. This period of strategic mergers transformed the bank from a regional player into one of Spain's leading institutions by the mid-1960s, with Emilio Botín assuming a key leadership role in 1960 that accelerated growth through targeted acquisitions. The 1980s brought banking liberalization in , enabling more aggressive expansion, culminating in the 1994 acquisition of Banco Español de Crédito (Banesto) following its government due to a 3.6 trillion peseta shortfall uncovered in 1993. Santander won the auction with a bid of 342.9 billion pesetas for a 59.4% stake, integrating Banesto's extensive retail network and propelling Santander to become 's largest bank by assets, surpassing 50 trillion pesetas. Santander's early international forays targeted in the , leveraging cultural and linguistic ties to establish a foothold beyond . In 1982, it acquired Banco Español in , gaining a strong retail presence in South America's southern cone. Similar moves included expansions into and , laying the groundwork for broader regional operations without overextending during economic volatility. This era peaked with the 1999 merger of equals between and Banco Central Hispanoamericano (BCH), forming Banco Santander Central Hispano (BSCH) in a €12 billion stock swap that created Europe's second-largest bank by with over €330 billion in assets. The combined entity enhanced efficiencies in retail and corporate banking, setting the stage for 21st-century ; it was rebranded simply as in 2007.

Recent strategic initiatives

In 2004, Santander acquired the United Kingdom's plc for an initial offer valued at £8.5 billion, establishing a significant foothold in the European sector beyond . This transaction, completed in November of that year, integrated Abbey's extensive branch network and mortgage operations into Santander's portfolio, enhancing its cross-border presence. During the onset of the in 2007, Santander participated in the breakup of , acquiring its Brazilian operations known as Banco Real for approximately €7.8 billion through financing arrangements, which bolstered its leadership in Latin America's largest economy. This move aligned with Santander's strategy to prioritize high-growth emerging markets amid global financial turbulence. To navigate the 2008 global financial crisis, Santander executed a €7.2 billion in November, strengthening its capital base while redirecting resources toward resilient emerging market operations to offset vulnerabilities in developed economies. In 2017, the bank intervened in the Spanish banking sector by acquiring Banco Popular Español for a nominal €1 following its resolution by the European Central Bank's , averting a potential collapse and solidifying Santander's position as Spain's largest lender. Following the , Santander accelerated its , launching the Openbank platform in in 2022 as part of the creation of its Digital Consumer Bank unit to serve underserved markets with cloud-based services. This initiative included integrations of for enhanced personalization and operational efficiency. In 2024, Santander launched Openbank in the United States, focusing on digital consumer banking including up to $30 billion in vehicle loans to expand its presence in the North American market. In October 2025, the bank merged its Openbank digital platform with Santander Consumer Finance in to form a unified entity, streamlining operations and expanding digital product offerings across the region. In January 2025, Santander's board eliminated regional management layers to streamline decision-making and foster direct global business alignment.

Organization and leadership

Corporate structure

Banco Santander, S.A. is a publicly traded Spanish sociedad anónima (S.A.), incorporated under Spanish and listed on the (BME), (LSE), and (NYSE) as an (ADR). The bank's shares are traded under the ticker SAN on BME and NYSE, and BNC on LSE, reflecting its status as one of Europe's largest financial institutions by . Following a structural simplification approved by the board in January 2025, which eliminated the regional management layer to enhance efficiency and direct oversight of global operations, Santander operates through five core global business units: Retail & Commercial Banking, Digital Consumer Bank, Corporate & (CIB), & , and Payments. In October 2025, following the Q3 results, Santander announced the merger of Openbank and Santander Consumer Finance into a single legal entity to further streamline the Digital Consumer Bank operations. These units report directly to group leadership, allowing for streamlined decision-making while maintaining focus on customer-centric services across retail, corporate, and specialized financial products. The group's headquarters are located in Ciudad Grupo Santander at Avenida de Cantabria s/n, Boadilla del Monte, , , serving as the central hub for strategic oversight. Santander employs a decentralized model, with autonomous subsidiaries in key markets such as the , , , and the , each managing its own capital allocation, , and to adapt to local economic conditions. This structure supports operational flexibility and resilience, as evidenced by the subsidiaries' independent balance sheets and localized governance frameworks. As of September 2025, Santander employs 201,304 staff worldwide, distributed across its global network to support the decentralized approach that prioritizes local market expertise and autonomy in day-to-day operations. This employee base underscores the bank's scale, with a significant portion dedicated to front-line roles in retail and commercial banking segments.

Executive team and governance

Ana Botín has served as Executive Chair of since September 2014, leading the bank's overall strategy, operations, and long-term vision while maintaining significant family influence through the Botín family's approximate 1.3% ownership stake in the company. Under her leadership, the bank has emphasized and global expansion, with direct oversight of key business lines following a 2025 restructuring that eliminated regional management layers to streamline reporting. The executive team reports directly to the , with Héctor Grisi Checa appointed as Group in January 2023, responsible for day-to-day management and execution of strategic initiatives across retail, commercial, and . Key roles include José M. Linares as Senior Executive Vice President and Global Head of Corporate & (CIB), overseeing advisory, financing, and markets activities worldwide, and Christiana Riley as and President of Santander , managing North American operations including consumer banking and auto finance. José Antonio Álvarez serves as Vice , providing continuity in senior leadership. The comprises 15 members as of 2025, with a strong emphasis on independence (10 independent directors, or 66.67% of the board) to ensure objective oversight. Notable independent directors include Pamela Ann Walkden, with expertise in , and Gina Díez Barroso, bringing insights from . The board features diverse representation, including 40% women and members from , the , and . Specialized committees support governance: the , chaired by Germán de la Fuente, supervises financial reporting and internal controls; the Risk Supervision, Regulation and Compliance Committee, led by Pamela Ann Walkden, monitors and policies; and the Remuneration Committee, headed by , evaluates and incentives. Banco Santander adheres to stringent governance standards as a Significant Institution under the European Central Bank's direct supervision since late 2014, complying with EU Banking Union requirements including the Capital Requirements Directive and recovery and resolution planning. The board integrates environmental, social, and governance (ESG) factors into decision-making, with commitments such as €220 billion in green financing by 2030 and advancing diversity in roles. This framework promotes transparency, earning high marks in indices like AENOR's GCGI.

Business operations

Core business segments

Santander Bank's core business segments encompass its primary revenue-generating activities, structured around global businesses that serve a diverse base. These segments include Retail & Commercial Banking, which forms the foundation of the bank's operations by providing essential financial services to individuals and businesses; Corporate & Investment Banking (CIB), focused on wholesale and capital markets activities; Global & , catering to high-net-worth individuals and offering protection products; and digital innovations that enhance accessibility across all segments. Retail & Commercial Banking is Santander's largest segment, accounting for approximately 32% of group in the first half of , with attributable profit of €3.7 billion and a (RoTE) of 17.2%. This segment offers a range of products including home mortgages, personal and SME loans, deposits, and payment services to around 150 million customers, of which 80 million are active. It manages €599 billion in loans to customers and €643 billion in deposits, emphasizing efficient operations with a -to-income of 39.4% and a of 0.89%. The focus is on supporting everyday banking needs for retail clients and commercial entities, such as and for small and medium-sized enterprises. Corporate & Investment Banking (CIB) contributes about 19% to group revenue, generating €4.4 billion in the first half of 2025 and €1.5 billion in profit, with a strong RoTE of 20.8%. It provides advisory services, , support, trading in capital markets, and structured financing solutions to corporate clients and institutions, managing €135 billion in loans and €125 billion in deposits. Fees from M&A and capital markets activities are a key driver, with low exposure reflected in a cost of risk of 0.09%. This segment leverages Santander's global network to facilitate complex transactions, including debt issuance and equity offerings. Global Wealth Management & Insurance represents 14% of group revenue, with €3.2 billion in revenue (including ceded fees) and €948 million in profit in the first half of 2025, achieving a high RoTE of 67.3%. services target high-net-worth individuals through and , handling €536 billion in (AuM) as of the nine months ended September 2025, with net new money inflows of €16.7 billion in . Subsidiaries like Santander Private Banking serve over 277,000 customers with products, including alternatives, thematic, and ESG-focused options, alongside lending solutions. The insurance arm, Santander Insurance, covers more than 20 million customers with life, pensions, property & casualty, health, and cyber products, generating €8.3 billion in gross written premiums as of the nine months ended September 2025 and a cost-to-income ratio of 35.9%. Digital innovations underpin all segments, with 61 million digital customers and 66% of products available digitally as of mid-2025, enabling platforms like Openbank and SuperDigital to reach populations through mobile and . These efforts include proprietary technologies such as the Gravity platform for and Gluon for APIs, which streamline customer experiences and support 105 million active digital users across retail and consumer services.

Global presence and subsidiaries

Banco Santander maintains a significant international footprint, operating primarily in 10 core markets across Europe and the Americas: the United States, Brazil, Germany, Mexico, Poland, Argentina, Chile, the United Kingdom, Portugal, and Spain. This diversified presence enables the bank to serve a broad range of retail, commercial, and corporate clients while leveraging regional economic strengths, such as Brazil's dynamic consumer market and the UK's established financial sector. The group's operations emphasize autonomous subsidiaries that manage local risks and opportunities independently, supported by centralized global standards for governance and technology. Key subsidiaries underscore Santander's strategic focus in major regions. In the United States, Santander Bank, N.A., headquartered in Boston, Massachusetts, specializes in retail banking and auto finance through its affiliate Santander Consumer USA, which handles vehicle loans and unsecured lending. Santander UK plc provides comprehensive retail and commercial banking services, serving millions of personal and business customers across the country. In Latin America, Santander Brasil stands as the largest bank by market capitalization, offering a full suite of financial services and dominating the regional landscape. Additionally, Santander Consumer Finance operates as a pan-European entity focused on consumer lending, leasing, and financing solutions, with a strong emphasis on automotive and personal loans across multiple countries. In 2025, Santander pursued notable adjustments to its global structure. The announced an agreement to sell a 49% stake in its Polish subsidiary, Santander Bank Polska, to Bank AG for approximately €6.8 billion, alongside a in corporate and and payments, aiming to enhance focus on core growth areas while retaining operational influence. This transaction, expected to close pending regulatory approvals, reflects ongoing portfolio optimization in . Complementing this, Santander announced the merger of Openbank, its fully arm, with Santander Consumer Finance in to streamline operations under a unified brand, targeting enhanced efficiency in key markets like and . As of September 2025, Santander serves 178 million customers through its core markets, supported by a network of over 8,000 branches worldwide, blending physical with digital channels to maintain a multichannel approach. In the third quarter of 2025, the bank reported record nine-month attributable profit of €10,337 million, up 11% year-over-year, driven by growth across core segments. This scale positions the bank as one of the largest retail s globally, with ongoing investments in branch optimization—such as the divestiture of select U.S. locations—to prioritize .

Financial performance

Key metrics and results

In 2024, achieved total revenue of €62.21 billion, representing substantial growth from €39.75 billion recorded in 2013, driven by expanded operations and diversified income streams. The bank's attributable profit for the third quarter of 2025 stood at €3.5 billion, contributing to a nine-month total of €10.337 billion, which reflected an 11% year-over-year increase. For the full year 2024, net income reached €12.574 billion. As of the third quarter of 2025, Santander's total assets amounted to €1.840 trillion, underscoring its scale as one of Europe's largest banks by asset base. Profitability metrics highlighted , with (RoTE) at 16.3% for 2024 and a cost-to-income ratio of 41.8%. Key growth drivers in the third quarter of 2025 included an 8% rise in fee income and 4% overall growth year-over-year, supported by higher activity and fee-generating products across retail and commercial banking segments. These trends positioned Santander to sustain profitability amid varying environments and regional economic conditions.

Market position and stock performance

Banco Santander ranks as the 16th-largest bank globally by total assets in 2025, holding approximately €1.84 trillion in assets as of the third quarter. Within the , it holds the position of the largest bank by , surpassing competitors like in . The bank's ordinary shares trade under the ticker symbol SAN on the (Bolsas y Mercados Españoles), while its American Depositary Receipts (ADRs) are listed under SAN on the . As of the third quarter of 2025, Santander's reached €132 billion. As of November 2025, the stood at approximately €140 billion. Santander's stock performance in 2025 has been robust, with the share price increasing approximately 140% year-to-date through November, driven by strong earnings and positive . To enhance , the announced plans for €10 billion in share buybacks funded from 2025 and 2026 earnings and excess capital. In terms of , Santander offered a dividend yield of approximately 3.5% in 2024, reflecting its commitment to returning capital to shareholders. The is also a constituent of the index, underscoring its prominence among leading blue-chip companies.

Sponsorships and corporate responsibility

Sports and event sponsorships

Santander has been a prominent sponsor in football, leveraging the sport's global appeal to build brand recognition. The bank served as the title sponsor of from the 2016-17 season through the 2022-23 season under a multi-year agreement valued at approximately €20 million annually, totaling around €140 million over its duration. This partnership renamed the league "LaLiga Santander" and provided extensive visibility through broadcasts and stadium branding across and international markets. Additionally, Santander sponsored the from the 2018-19 to 2020-21 seasons in a three-year deal that included the and Youth League Finals, featuring the bank's logo during matches and promotional campaigns to reach European audiences. In South American football, Santander sponsored the Copa from 2008 through the early 2020s, including the women's edition from 2020 to 2022. In 2022, Santander entered as the main sponsor of the League of Legends European Championship (LEC) and Liga Latinoamérica (LLA) in a multi-year deal. In motorsports, Santander has focused on Formula 1 to target high-profile, international demographics. The bank sponsored the team from 2021 to 2024, displaying its logo on the cars, team apparel, and helmets to capitalize on the team's prestige and global fanbase. Prior partnerships included Williams Racing from earlier periods, but in 2025, Santander renewed its commitment by becoming an official partner of the team, featuring branding on the FW47 car, driver helmets, and team clothing as part of a multi-year agreement. Complementing this, Santander entered a multi-year deal in 2025 to serve as the official retail banking partner of Formula 1, enhancing visibility at races, events, and digital platforms worldwide. Other notable involvements include partial historical ties to Real Madrid, such as support for stadium-related initiatives at the Santiago Bernabéu during the era, though current primary naming rights are held by other entities. These sponsorships have collectively enabled Santander to reach an estimated hundreds of millions of fans annually through live events, media coverage, and digital extensions, particularly strengthening brand alignment in emerging markets like via the exposure. This strategy underscores the bank's emphasis on sports as a vehicle for global visibility and in 2025.

Philanthropy and sustainability efforts

Santander has a long-standing commitment to philanthropy, particularly in , through its Fundación Banco Santander. The bank has supported the University of Cantabria's research initiatives, including various development and innovation projects, as part of its broader partnership with over 1,100 universities worldwide. Since 1996, Santander's Becas Santander program has awarded more than 1 million scholarships to university students, professionals, entrepreneurs, and small businesses, fostering higher education, employability, and innovation across 14 countries. In 2024 alone, the program invested €104 million in scholarships and grants, benefiting over 2.1 million individuals through initiatives like Santander Open Academy and Santander X. On the sustainability front, Santander has pledged to achieve net-zero carbon emissions across its operations and financed emissions by 2050, in alignment with the and the International Energy Agency's Net Zero Emissions scenario. This includes targets to reduce Scope 1 and 2 emissions by 42% by 2030 from a 2020 baseline and to source 100% by 2025, with 96% achieved in 2024. In support of the green transition, the bank facilitated €24.1 billion in green financing in 2024, including funding for projects, electric vehicles, and taxonomy-aligned activities in sectors like power generation. Looking ahead to 2025, Santander expanded its SW50 female leadership program to include a U.S. cohort, selecting 50 women executives for training at the London School of Economics to enhance gender diversity in C-suite roles. The bank also reaffirmed its commitment to mobilize €220 billion in green financing cumulatively by 2030, building on €139 billion raised since 2019 to support low-carbon projects and sustainable economic growth. Santander's annual ESG reporting underscores these efforts, with the 2024 Sustainability Statement detailing progress on environmental, social, and governance metrics. Notably, women hold 31.2% of senior executive positions, reflecting ongoing initiatives to promote in . The report, verified by , also highlights community investments totaling €166 million in 2024, aiding 5 million people through and environmental programs.

Controversies and challenges

In 2022, the UK's (FCA) imposed a £107.7 million fine on for serious and persistent failures in its anti-money laundering (AML) controls, particularly in customer processes that allowed potential risks to persist over several years. The regulator identified gaps in monitoring high-risk customers, including inadequate scrutiny of politically exposed persons and source-of-funds verification, which exposed the bank to exploitation by criminals. Santander accepted the findings without contest and committed to enhancing its compliance systems, though the FCA noted that these deficiencies dated back to 2017 and affected thousands of accounts. In 2024, set aside £295 million to cover potential redress claims related to the mis-selling of car products, primarily due to undisclosed commissions paid to brokers that may have led to customers overpaying. This provision followed an industry-wide investigation by the FCA into discretionary commission arrangements in point-of-sale , where Santander's practices were found to incentivize brokers to inflate prices without transparency. The bank reported this as its first formal estimate of financial impact, contributing to a decline in third-quarter profits. As of November 2025, the redress scheme remains in consultation, with the FCA extending the feedback deadline to December 4, 2025; Santander has criticized the proposals as a to jobs and the economy, withheld its Q3 2025 results pending clarity, and urged intervention. In early 2025, Brazilian federal prosecutors launched an investigation into Alexsandro Broedel Lopes, whom Santander had hired in 2024 and planned to appoint as chief accounting officer, over allegations of fund misappropriation during his prior role as at Itau Unibanco. Itau accused Lopes of diverting over 4.86 million reais (approximately $830,000) through irregular payments to a consultancy firm between 2019 and 2024, in violation of bank policies. Santander initially expressed confidence in Lopes but rescinded the appointment in June 2025 amid the ongoing probe, which remains in Sao Paulo and includes a judicial on his assets. Lopes has denied wrongdoing, and the case continues to highlight executive vetting challenges in cross-border banking hires. Allegations surfaced in 2024 that Santander had facilitated transactions potentially evading U.S. sanctions on through accounts held by front companies, but the bank's internal investigation concluded with no evidence of material breaches. Santander confirmed compliance with all sanctions regimes and enhanced its monitoring protocols in response, clearing the matter without regulatory action as of late 2024.

Environmental and ethical concerns

Santander Bank has faced significant criticism for its role in financing activities linked to in , particularly through a $1.3 billion it co-arranged for the Argentine company Cresud in 2023. A May 2025 report by the NGO highlighted that Cresud and its subsidiaries cleared over 50,000 hectares of native forest in , , and between 2018 and 2024, contributing to habitat loss and biodiversity decline in the region. This financing drew accusations of greenwashing, as it occurred despite Santander's 2021 commitment to achieve net-zero emissions by 2050 and its policies against funding after 2020. The bank's exposure to fossil fuel projects has also sparked protests from environmental NGOs, with reports estimating Santander's financing to oil and gas companies at up to €15 billion in 2024. Organizations such as Stand.earth and Mighty Earth criticized the bank for underwriting bonds and loans to projects like liquefied natural gas terminals reliant on fracked gas, exploiting loopholes in its own 2021 climate policy that aimed to phase out high-carbon financing. These actions persisted amid Santander's public pledges to align with the Paris Agreement, leading to demonstrations at the bank's annual general meetings and calls for stricter due diligence on energy sector clients. On the ethical front, in —Santander's second-largest market—labor unions denounced the bank in a July 2025 congressional hearing for irregular practices, including excessive performance targets and moral harassment affecting thousands of employees. These disputes echoed prior rulings, such as a 2022 Brazilian labor decision ordering €50 million in reparations for similar workplace issues. However, NGOs argued that the updates remained insufficient, as they did not retroactively address existing exposures or cover all indirect financing channels.

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  25. https://www.reuters.com/article/business/corrected-santander-gets-best-deal-as-trio-closes-in-on-abn-idUSL08373072/
  26. https://www.reuters.com/article/markets/abn-a-dream-come-true-for-santander-in-italy-brazil-idUSL29677697/
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  28. https://www.santander.com/en/press-room/adquisicion-banco-popular
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  39. https://www.santander.com/en/press-room/features/santander-global-businesses
  40. https://www.santander.com/en/landing-pages/contact
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  43. https://www.santander.com/content/dam/santander-com/en/documentos/contenidos-accionistas-e-inversores/presentacion-gobierno-corporativo/do-corporate-governance-presentation.pdf
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  48. https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.listofsupervisedentities202502.en.pdf
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  61. https://www.cnbc.com/2025/04/17/ubs-loses-crown-as-continental-europes-most-valuable-bank-to-santander.html
  62. https://finance.yahoo.com/quote/SAN/
  63. https://tradingeconomics.com/san:sm:market-capitalization
  64. https://www.reuters.com/business/finance/santanders-q4-net-profit-up-11-compared-same-period-2023-2025-02-05/
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  66. https://www.santander.com/en/shareholders-and-investors/santander-share
  67. https://www.isportconnect.com/santander-enter-esports-as-main-sponsor-for-the-top-league-of-legends-competitions-in-europe-and-latin-america/
  68. https://www.fundacionbancosantander.com/en/foundation/annual-reports/memoria-online-2024/educacion-superior-emprendimiento
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