Banco Santander has announced plans to merge Openbank and Santander Consumer Finance (SCF) into a single legal and operational entity.
The move is part of the group’s strategy to consolidate its consumer finance businesses across Europe under the Openbank brand. The process will begin in Germany, where the two units will first be integrated and rebranded before the model is extended to other markets. The merger remains subject to regulatory approvals and will see Openbank become the group’s main consumer finance brand in Europe. Both entities are part of Santander’s Digital Consumer Bank division, which coordinates the group’s global consumer finance operations.
Integration aims to simplify operations and expand product access
According to representatives from Banco Santander, the consolidation is intended to streamline the group’s European consumer finance structure and provide customers with access to a larger set of products and services. The combined platform will also be available to business partners, including automotive manufacturers, dealers, and retailers, through a single digital interface covering banking, lending, and payment solutions.
Openbank currently operates in Spain, Germany, Portugal, and the Netherlands, and has expanded into the United States and Mexico. SCF, meanwhile, holds a leading position in European auto finance, managing more than EUR 140 billion in loans across 18 countries. According to the official press release, both businesses serve roughly 16,000 new customers daily, offering consumer finance solutions for a range of purchases, from vehicles and home appliances to digital devices.
Openbank’s product suite includes automated investment and robo-advisory tools, an AI-driven broker platform for European and US stocks, and a recently launched cryptocurrency trading service. Banco Santander officials noted that the merger will combine SCF’s consumer finance expertise with Openbank’s digital infrastructure to improve operational efficiency and technological development across the region.
