21 August 2017
Find out more

Santander to close 13% of Spanish branch network this year

01 April 2016  |  7649 views  |  0 Banco Santander

Banco Santander is to close up to 450 of its 3467 branches in Spain this year as it seeks to accelerate the move to cheaper digital channels.

Most of the 425 to 450 sites slated for the axe are smaller branches employing fewer than four people, the Spanish giant says. It is not known how many jobs will be lost but the Comisiones Obreras union says it expects clarity next week.

Another 350 branches will undergo makeovers, getting new ATMs that carry out more transactional services, freeing up staffers for advisory work.

Santander has a plan in place to save EUR3 billion by the end of 2018, in part by doubling the number of customers who deal with the bank digitally rather than through its massive and expensive branch network.

The bank has been investing heavily in digital products and services over the past year. Its $100 million InnoVentures fund has actively invested in fast-growing companies at the forefront of the fintech startup space, including marketplace lender Kabbage and blockchain outfits Digital Asset Holdings and Ripple.

However, last year chair Ana Botin also talked up the benefits of having a branch network, claiming that a physical presence is a major advantage that incumbents have over the host of new entrants entering the market.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Santander creates tech-heavy advisory board

Santander creates tech-heavy advisory board

22 March 2016  |  12689 views  |  0 comments | 34 tweets | 34 linkedin
DNB to cut 600 staff in massive branch closure programme

DNB to cut 600 staff in massive branch closure programme

18 March 2016  |  8630 views  |  1 comments | 13 tweets | 15 linkedin
UK bank branch closures accelerating

UK bank branch closures accelerating

21 October 2015  |  7133 views  |  0 comments | 13 tweets | 19 linkedin
Three big banks join $135 million Kabbage funding round

Three big banks join $135 million Kabbage funding round

14 October 2015  |  7196 views  |  0 comments | 18 tweets | 11 linkedin
Santander's Botin calls for level playing field with new tech rivals

Santander's Botin calls for level playing field with new tech rivals

24 September 2015  |  13569 views  |  2 comments | 24 tweets | 27 linkedin
Banks and startups must collaborate for 'Fintech 2.0' revolution

Banks and startups must collaborate for 'Fintech 2.0' revolution

15 June 2015  |  27967 views  |  0 comments | 91 tweets | 54 linkedin
TSB to double digital team while investing in branch network

TSB to double digital team while investing in branch network

30 April 2015  |  8984 views  |  0 comments | 18 tweets | 8 linkedin
Digital challengers face tough times as consumers cling to branches

Digital challengers face tough times as consumers cling to branches

27 April 2015  |  10744 views  |  7 comments | 40 tweets | 26 linkedin
70% of Americans prefer digital to branch for account opening

70% of Americans prefer digital to branch for account opening

06 March 2015  |  22767 views  |  0 comments | 35 tweets | 26 linkedin
Bank branches will save banks from digital challengers - Botin

Bank branches will save banks from digital challengers - Botin

03 February 2015  |  18740 views  |  32 comments | 37 tweets | 26 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comvisit www.dorsum.euvisit www.niceactimize.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
10454 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
8706 views comments | 19 tweets | 23 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
8558 views 0 | 3 tweets | 1 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
8401 views comments | 10 tweets | 7 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
7865 views comments | 16 tweets | 16 linkedin

Featured job

Find your next job