In a strategic move to streamline its European operations, Banco Santander announced this week that it's merging two of its key businesses — Openbank and Santander Consumer Finance (SCF) — under a single brand and legal entity. The integration signals a bold step toward creating a unified, digital-first banking experience across Europe.
Openbank Takes Center Stage
Openbank, Santander's flagship digital banking brand, will gradually become the face of the group's consumer finance operations throughout Europe. Known for its cutting-edge technology and user-friendly design, Openbank has already earned some of the highest customer satisfaction scores in its markets. The brand will carry the "by Santander" endorsement, combining innovative digital experiences with the stability of a global banking powerhouse.
Germany Leads the Way
The merger will roll out market by market, with Germany taking the lead. This phased approach allows Santander to refine the integration process before expanding to other European markets where both brands currently operate.
A Powerful Combination
The numbers tell an impressive story. SCF is Europe's auto finance leader with over €140 billion in loan volume across 18 countries, while Openbank operates in four European nations plus recent expansions into the United States and Mexico. Together, they already serve approximately 16,000 new customers daily across Europe for everything from car loans to mortgages to consumer electronics financing.
What It Means for Customers
The merger promises tangible benefits for customers and partners alike. Consumers will gain access to a broader range of products through a simplified digital platform—a single access point for banking, lending, and payment solutions. The combined entity will leverage Openbank's advanced features, including its AI-powered Robo Advisor investment service and recently launched crypto trading platform, alongside SCF's extensive partner network with retailers like Apple, Amazon, and Vodafone.
As Nitin Prabhu, global head of Santander's Digital Consumer Bank, explained: "This combination will strengthen our position in key markets like Germany and across Europe, enabling us to offer customers a broader range of products and a seamless digital and in-branch experience."
Looking Ahead
Pending regulatory approvals, the legal merger will begin with the Spanish-headquartered entities, followed by the German market consolidation. This integration represents more than a corporate restructuring—it's Santander's vision for building what it calls "the best open financial services platform," combining digital innovation with deep consumer finance expertise.
For customers, partners, and the broader banking industry, this merger marks another milestone in the ongoing transformation of European banking toward digital-first, customer-centric services.