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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Top Stories

    Posted By Uma Rajagopal

    Posted on September 19, 2023

    Featured image for article about Top Stories

    Santander creates two new global businesses for retail, consumer areas

    By Jesús Aguado

    MADRID (Reuters) -Spain’s Santander is consolidating its retail, commercial and consumer activities across all markets under two new global businesses to help it improve performance and add customers, it said on Monday.

    The new Retail and Commercial unit and Digital Consumer Bank will join Santander’s other global operations in Corporate and Investment Banking, Wealth Management and Insurance and Payments, it said in a statement.

    Potential cost savings were not disclosed, but the bank said the restructuring will help it achieve strategic goals outlined at its Investor Day in February, such as adding 40 million customers by 2025 and increasing its return on tangible equity (ROTE) to 15-17%.

    “We are confident this will allow us to … deliver on all targets set out at the Investor Day, including double digit average annual growth in tangible net asset value plus dividend per share through the cycle,” Santander Chairman Ana Botin said in the statement.

    The bank is benefiting from higher interest rates in Europe as it seeks to expand its investment banking business.

    Global heads will define the common business and operating model based on global platforms, said the bank, with all operations aligned under five global business areas.

    Retail and Commercial will be led by Daniel Barriuso.

    The Digital Consumer Bank will be led by Jose Luis de Mora.

    The payments unit PagoNxt will be headed by Javier San Felix, and Global Cards by Matias Sanchez.

    Corporate & Investment Banking will continue to be led by Jose M. Linares. Wealth Management and Insurance will remain headed by Victor Matarranz.

    Santander’s financial results will be reported under this new model as of January.

    (Reporting by Jesús Aguado; Editing by Joan Faus and Richard Chang)

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