Santander renews its structure in five blocks and reinforces the commercial area

Date: September 19, 2023 Time: 02:28:50

Banco Santander announced this Monday that it will carry out a renovation of its structure in five areas. Thus, it will consolidate the retail and commercial banking businesses, as well as the consumption of all markets under the umbrella of two new global business areas: Retail & Commercial and Digital Consumer Bank.

The change aligns these businesses with the current Corporate & Investment Banking, Wealth Management & Insurance and Payments model, which will help the bank achieve the strategic objectives set at February Investor Day to, among other things, increase the number of clients 40 million by 2025, increase return on tangible equity (RoTE) to 15-17% and achieve double-digit growth on average annually in the sum of tangible book value (TNAV) per share plus dividend per share throughout the cycle.

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