Santander Merges Openbank and Consumer Finance Units in Major European Restructuring
Banco Santander has announced the integration of its digital banking platform Openbank with Santander Consumer Finance across European markets. The consolidation will begin in Germany before expanding to other countries as part of the bank’s broader restructuring efforts.
Major European Banking Consolidation Underway
Spain’s Banco Santander has announced a significant restructuring of its European operations, according to reports from Reuters. The banking giant revealed plans to integrate its digital lender Openbank with Santander Consumer Finance (SCF) into a single entity that will gradually operate its consumer finance businesses across European markets.