Banco Santander, S.A.
TypeSociedad Anónima
IndustryFinancial services
Founded15 May 1857; 166 years ago (1857-05-15)
Santander (legal headquarters) and Boadilla del Monte, Community of Madrid (operating headquarters)
Area served
Key people
Ana Patricia Botín
(Group Executive Chairman)
José Antonio Alvarez
(Vice Chairman and CEO)
ProductsRetail, corporate, investment and private banking, insurance, asset management, private equity
RevenueIncrease 52.117 billion (2022)[1]
Increase €9.605 billion (2022)[1]
AUMIncrease 401 billion (2022)[1]
Total assetsIncrease €1.735 trillion (2022)[1]
Number of employees
Increase 206,462 (2022)[1]

Banco Santander, S.A., doing business as Santander Group (UK: /ˌsæntənˈdɛər, -tæn-/ SAN-tən-DAIR, -⁠tan-, US: /ˌsɑːntɑːnˈdɛər/ SAHN-tahn-DAIR,[2][3] Spanish: [ˈbaŋko santanˈdeɾ]), is a Spanish multinational financial services company based in Madrid and Santander in Spain. Additionally, Santander maintains a presence in all global financial centres as the 19th-largest banking institution in the world. Although known for its European banking operations, it has extended operations across North and South America, and more recently in continental Asia. It is considered a systemically important bank by the Financial Stability Board.

Many subsidiaries, such as Abbey National, have been rebranded under the Santander name. The company is a component of the Euro Stoxx 50 stock market index. In June 2023, Santander was ranked as 49th in the Forbes Global 2000 list of the world's biggest public companies.[4] Santander is Spain's largest bank.[5]

Banco Santander is chaired by Ana Patricia Botín-Sanz de Sautuola O'Shea, daughter and granddaughter of former chairmen Emilio Botin-Sanz de Sautuola y García de los Ríos and Emilio Botín-Sanz de Sautuola López, respectively.


Banco Santander was founded in 1857 as Banco de Santander.[6] In 1999, it merged with Banco Central Hispano, or BCH, which had in turn been formed through the 1991 merger of Banco Central and Banco Hispanoamericano. The combined bank, known as Banco Santander Central Hispano, or BSCH,[7][8] was designed to be a "merger of equals", in which the top executives of the two pre-existing firms would share control of the merged entity. Soon after the merger former BCH executives accused Banco Santander chairman Emilio Botín Sanz de Sautuola, and García de los Ríos who succeeded him, of trying to push his own agenda and threatened to take legal action. This post-merger disagreement was resolved when BCH executives Jose Amusátegui and Angel Corcóstegui agreed to accept severance payments, retire and pass control to Botín, at an expense to shareholders of 183 million.[7]: 169  The large termination payouts generated negative press, and Botín was eventually brought to trial on criminal charges of "misappropriation of funds" and "irresponsible management". However, in April 2005, the court cleared him of all charges, the €164 million retirement payments made to the two former executives having been found to be legal, "made as compensation for the services provided to the bank". Also that year, the anti-corruption division of the Spanish public prosecutor's office cleared Botín of all charges in a separate case, in which he was accused of insider trading.[9]: 175  In 2007, the bank officially changed the official name back to Banco Santander S.A.[10]

In 1996, Banco Santander acquired Grupo Financiero InverMexico.[11] In 2000, Banco Santander Central Hispano acquired Grupo Financiero Serfin of Mexico.[12] On 26 July 2004, Banco Santander Central Hispano announced the acquisition of Abbey National plc. Following shareholders' approval at the EGM of Abbey (95 percent voted in favour, despite vocal opposition from most of those present) and Santander, the acquisition was formally approved by the courts and Abbey became part of the Santander Group on 12 November 2004.[13] In June 2006, Banco Santander Central Hispano purchased almost 20% of Sovereign Bank and acquired the option to buy the bank (at the time, the market value was roughly US$40 per share) for one year beginning in the middle of 2008.[14]

In May 2007, Banco Santander Central Hispano announced that in conjunction with The Royal Bank of Scotland and Fortis it would make an offer for ABN AMRO. BSCH's share of the offer added up to 28% and the offer would have to be made up of a capital increase through a new share issue. Then in October 2007, the consortium outbid Barclays and acquired ABN AMRO. As part of the deal, Grupo Santander acquired ABN AMRO's subsidiary in Brazil, Banco Real, and its subsidiary in Italy, Banca Antonveneta.[15] On 13 August 2007, Banco Santander Central Hispano changed its legal name to Banco Santander. In November that year, it sold Banca Antonveneta to Banca Monte dei Paschi di Siena, excluding a subsidiary Interbanca. In March 2008, Banco Santander sold Interbanca to GE Commercial Finance, receiving in return GE Money businesses in Germany, Finland and Austria, and GE's card and auto-financing businesses in the UK, which it integrated with Santander Consumer Finance.[16]

"Ciudad Financiera de Boadilla", headquarters in Madrid, Spain.
"Banco Santander Building" at 53rd Street, New York, formerly the bank's US headquarters

In July 2008, the group announced it intended to purchase the UK bank Alliance & Leicester, which held £24 billion in deposits and had 254 branches.[17] Santander also purchased the savings business of Bradford & Bingley in September 2008, which held deposits of £22 billion, 2.6 million customers, 197 branches and 140 agencies.[18] The acquisition of Alliance & Leicester completed in October 2008 when the B&B's shares were delisted from the London Stock Exchange. By the end of 2010 the two banks merged with Abbey National under the Santander UK brand.[19] In October 2008, the Group announced to acquire 75.65% of Sovereign Bancorp it did not own for approximately US$1.9 billion (€1.4 billion). Because of the 2008 financial crisis at the time, Sovereign's share price had fallen greatly: rather than the $40 per share it would have cost in 2006, Banco Santander ended up paying less than $3 per share. The acquisition of Sovereign gave Santander its first retail bank in the mainland United States.[20] Santander renamed the bank to enhance its global brand recognition in October 2013.[21] On 14 December 2008, it was revealed that the collapse of Bernard Madoff's Ponzi scheme might mean the loss of €2.33 billion at Banco Santander.[22]

On 10 November 2009, HSBC Finance Corporation announced its auto finance entities had reached an agreement with Santander Consumer USA Inc.(SC USA) to sell HSBC US auto loan servicing operations, US$1 billion in auto loan receivables for US$904 million in cash, and enter into a loan servicing agreement for the remainder of its liquidated US auto loan portfolio. The transaction closed in the first quarter of 2010.[23]

In September 2010, Santander purchased Bank Zachodni WBK from Allied Irish Banks. On 28 February 2012, Santander announced that it had reached an agreement with KBC Bank to buy KBC's subsidiary Kredyt Bank in Poland. Santander merged Bank Zachodni WBK and Kredyt to create Poland's third-biggest bank, valued at about €5 billion (US$6.7 billion), having a market share of 9.6% in deposits, 8.0% in loans, 12.9% in branches (899), and more than 3.5 million retail customers. As a result of the merger, Santander came to hold 76.5% of the combined bank, and KBC came to hold about 16.4%; other shareholders held about 7.1% of the shares in the combined bank. Santander stated that it intended to buy more of KBC's shares in the combined bank to bring KBC's holdings below 10%; KBC affirmed it intended to sell its remaining stake.[24] KBC sold its shareholding and Santander owns 75% of the bank, the rest is free float. In December 2012, Banco Santander announced that it would absorb Banesto and Banco BANIF, purchasing the remaining 10% of Banesto it did not already own.[25]

In October 2013, Santander acquired 51% of Spain's largest consumer finance business, Financiera El Corte Inglés, for around €140 million.[26] Santander acquired a €470 million stake in HSBC's Bank of Shanghai in 2013 in order to rebalance its business to the Asian market.[27] In June 2014, Santander bought GE Money Bank, GE Capital's consumer finance business in Sweden, Norway and Denmark, for €700 million (US$950 million).[28] In September 2014, it was announced that Santander was in talks to merge its asset management unit with that of Unicredit to create a European firm worth €350 billion in assets.[29] In November 2014, Banco Santander acquired a 5.1 percent stake in Monitise Plc for £33 million.[30] On 7 June 2017, Banco Santander purchased Banco Popular Español for a symbolic price of €1.[31]

In 2018, the bank announced a three-year push into Latin America to increase its presence in the market, particularly Brazil and Mexico, targeting these countries' super-rich.[32]

On July 13 and 14, 2019, the integration of the entire Banco Popular network was completed. This meant the definitive end of the Popular brand from a commercial point of view.[33]

Dodge & Cox became Santander's second shareholder in an operation carried out on June 13, 2022. The US fund has a 3.038% stake in the bank. At the time of purchase, given the value of 2.64 euros per share, this stake was valued at 1,364 million euros.[34]

Financial data

Financial data (in € billions)[35]
Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Revenue 39.753 42.612 45.272 43.853 48.392 48.424 49.229 44.279 46.404 52.117
Net Income 5.409 7.024 7.819 7.892 8.963 9.315 8.116 (7.708) 8.124 9.605
Assets 1,115.637 1,266.296 1,340.260 1,339.125 1,444.305 1,459.271 1,522.695 1,508.250 1,595.835 1,734.659
Employees 182,958 185,405 193,863 188,492 202,251 202,713 196,419 191,189 199,177 206,462


A branch of Santander in Berlin, Germany
A branch of Santander in Cardiff, Wales
A branch of Santander in Rio de Janeiro, Brazil
Santander Tower in Dallas, Texas

The Santander Group operates across Europe, South America, North America and Asia, partly due to its acquisitions. As of 2013 it had more than 186,000 employees, 14,392 branches, 3.26 million shareholders and 102 million customers. Retail banking — the main aspect of Santander's operations — generates 74% of the group's profit.[36]

On 10 June 2010, Grupo Santander announced that it would invest approximately US$270 million (€200 million) in Campinas, Brazil in a technology centre for research and data processing and a data centre that was to support operations across North America, Central America and South America. The new centre was to be established within the 'Development Company for High Technology Cluster of Campinas' on 1 million square metres. Construction began in January 2011, and full operation was expected in 2013 offering over 8,000 direct and indirect jobs.[37]

In 2013, global growth equity firm General Atlantic, along with Warburg Pincus LLC, acquired a 50% stake in Santander Asset Management.[38]

In 2010, Banco Santander expanded into China, focusing on trade finance services and establishing a joint venture with China Construction Bank.[39] The venture was set up in 2011 with initial funds of 3.5 billion yuan (US$530 million).[40]



Asia and Australia



The Ferrari F1-75, a Santander-sponsored F1 car

Santander and La Liga had a title sponsorship deal from the 2016–17 season, forming the Spanish football league known commercially as La Liga Santander.[42] Santander sponsored the UEFA Champions League for two years, from the 2018–19 season to 2020–21.[43][44]

Santander has also sponsored the main South American club competition Copa Libertadores since 2008 for the South American markets.[45]

In Formula One, from 2007 to 2017, Santander was a corporate sponsor of the Ferrari and McLaren teams.[46][47] From 2022, Santander returned to Formula One as a premium sponsor of Ferrari.[48]

In March 2020 Santander Group in conjunction with La Liga announced the first ever LaligaSantander Fest, a global charity concert event seeking to raise funds in response to the COVID-19 pandemic.[49]

See also


  1. ^ a b c d e Santander 2022 Annual Report
  2. ^ Wells, John C. (2008). Longman Pronunciation Dictionary (3rd ed.). Longman. ISBN 978-1-4058-8118-0.
  3. ^ Jones, Daniel (2011). Roach, Peter; Setter, Jane; Esling, John (eds.). Cambridge English Pronouncing Dictionary (18th ed.). Cambridge University Press. ISBN 978-0-521-15255-6.
  4. ^ "Santander | Company Overview & News". Forbes. Retrieved 12 June 2023.
  5. ^ "BBVA, a Spanish bank, reinvents itself as a digital business". The Economist. 14 October 2017.
  6. ^ chcom (8 February 2020). "Banco Santander (Santander Bank)". - The largest companies and brands in the world. Retrieved 4 December 2022.
  7. ^ a b Mauro F. Guillén, Adrian Tschoegl (2008). Building a Global Bank: The Transformation of Banco Santander. Princeton University Press. ISBN 9780691131252.
  8. ^ Wankel, C., Encyclopedia of Business in Today's World, Vol 1 (Thousand Oaks: SAGE Publishing, 2009) page 106.
  9. ^ Guillén, M. F., & Tschoegl, A., Building a Global Bank: The Transformation of Banco Santander (Princeton: Princeton University Press, 2008), p. 175.
  10. ^ "Corporate name".
  11. ^ Alonso, Carlos (24 October 1996). "El Santander cierra la compra del 75% del Banco Mexicano". El País (in Spanish). Retrieved 15 April 2016.
  12. ^ KRAUL, CHRIS (9 May 2000). "Mexican Banking Deal Reflects Brighter Outlook". Los Angeles Times. ISSN 0458-3035. Retrieved 1 March 2015.
  13. ^ HBOS fury as EU backs Santander's Abbey bid The Independent
  14. ^ Talcott, Sasha (25 October 2005). "Spanish bank buys Sovereign stake". – via The Boston Globe.
  15. ^ Bjork, Christopher. "Santander buys ABN global clients in Brazil from RBS".
  16. ^ "GE, Santander finalize GE Money, Interbanca deal". Reuters. 2 June 2008.
  17. ^ "Santander agrees £1.2bn A&L deal". 14 July 2008 – via
  18. ^ Aldrick, Peter Taylor and Philip. "Santander buys B&B branch network and deposit book" – via
  19. ^ "Santander scraps UK bank brands". BBC News. 27 May 2009. Retrieved 23 May 2009.
  20. ^ "Santander to acquire Sovereign".
  21. ^ Noreen O'Leary (16 August 2012). "Sovereign\Santander Picks New Agency". Adweek. Retrieved 3 September 2012.
  22. ^ "Santander Clients Have $3.1 billion With Madoff (Update1)". Bloomberg. 14 December 2008.
  23. ^ Anon., "HSBC Finance, Santander Consumer in Agreement on HSBC's US Auto Business", Business Wire, Nov 10, 2009.
  24. ^ "Terms of Service Violation". Archived from the original on 2 July 2012.
  25. ^ "Santander absorbs Banesto and Banif and shuts branches". BBC News. 17 December 2012. Retrieved 29 September 2014.
  26. ^ Carlos Ruano (8 October 2013). "Spain's Santander to buy 51 percent of El Corte Ingles finance arm". Reuters.
  27. ^ "Santander buys €470m stake in China bank". Financial Times. 10 December 2013. Retrieved 4 December 2019.
  28. ^ Paul Day; Jesus Aguado (23 June 2014). "Santander to buy GE consumer finance business in Northern Europe". Retrieved 27 June 2014.
  29. ^ "UniCredit, Santander in talks to merge asset management units" (Press release). Reuters. 23 September 2014.
  30. ^ "Santander takes five percent stake in mobile banking firm Monitise" (Press release). Reuters. 27 November 2014.
  31. ^ Buck, T., "Santander takes over ‘failing’ rival Banco Popular after EU steps in", Financial Times, 7 June 2017.
  32. ^ "Santander targets super-rich in three-year expansion plan". Financial Times. 2 December 2018. Retrieved 4 December 2019.
  33. ^ "Fin del Banco Popular: Santander extingue la marca - Economía Digital" (in Spanish). Retrieved 28 January 2023.
  34. ^ Sobrino, Ricardo (16 June 2022). "Dodge & Cox aflora un 3% en Santander y se convierte en su segundo accionista". Cinco Días (in Spanish). Retrieved 28 January 2023.
  35. ^ "Banco Santander Bilanz, Gewinn und Umsatz | Banco Santander Geschäftsbericht | 858872". Retrieved 5 November 2018.
  36. ^ "Key data". Santander Group. 2013. Retrieved 1 March 2013.
  37. ^ "Santander investirá R$ 450 milhões em pólo de tecnologia, pesquisa e processamento em Campinas" (PDF) (in Portuguese). Santander. 10 June 2010. Retrieved 14 July 2013.
  38. ^ Dezember, Ryan. "Warburg, General Atlantic Buy Half of Santander's Asset Management Arm". The Wall Street Journal. Retrieved 16 December 2015.
  39. ^ "Banco Santander to put China as priority". South China Morning Post. 5 November 2010. Retrieved 4 December 2019.
  40. ^ "CCB, Santander to Set Up 3.5 billion Yuan Rural Joint Venture". 27 March 2011. Retrieved 8 September 2020.
  41. ^ "WiZink Portugal, O teu Banco Online".
  42. ^ "LaLiga and Santander strike title sponsorship deal". La Liga. Archived from the original on 25 July 2016. Retrieved 21 July 2016.
  43. ^ "Banco Santander to become UEFA Champions League Partner". UEFA (Press release). Retrieved 29 November 2017.
  44. ^ Impey, S., "La Liga extends Santander title sponsorship", SportsPro, March 14, 2019.
  45. ^ "Corporation Sponsorship". Santander Group. 2013. Retrieved 26 September 2013.
  46. ^ "Santander extends McLaren partnership". Formula 1. 14 September 2009. Retrieved 14 July 2013.
  47. ^ "Banco Santander to Sponsor UEFA Champions League + Ends Complete Formula 1 Sponsorship". Footy Headlines. 29 November 2017. Retrieved 29 November 2017.
  48. ^ "Scuderia Ferrari and Banco Santander back together again, with a new multi-year agreement". 21 December 2021. Retrieved 21 December 2021.
  49. ^ Lang, J., "Intl TV Newswire: LaLiga Fest Details, Dancing Ledge Promotes, Red Arrow Deals", Variety, March 27, 2020.