Santander is merging its Openbank digital brand with its consumer finance business across Europe in a move designed to simplify operations.
Santander says it will create a single legal entity, gradually moving to operate its European consumer finance businesses under the Openbank brand, starting in Germany.
Openbank is Santander’s flagship brand for digital-first consumer banking, already operating in Spain, Germany, Portugal and the Netherlands. It has also recently launched in the US and Mexico.
Santander says that combining the two units will give customers access a broader range of products through a simplified and unified digital platform, with a single access point for banking, lending and payment solutions.
"By leveraging Openbank’s advanced technology and Santander’s consumer finance expertise, we’re creating a more efficient and innovative digital-first bank ready for the future," says Nitin Prabhu, global head, Santander digital consumer bank global business.