Banco Santander (Santander) has announced the merger of Openbank and Santander Consumer Finance (SCF) into a single legal entity, operating under the Openbank brand.
This strategic move aims to streamline Santander’s European consumer finance operations, beginning with Germany.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Openbank and SCF are integral parts of Santander’s Digital Consumer Bank (DCB) global business.
The merger is seen a step towards simplifying operations and delivering competitive financing solutions for partners like auto manufacturers, dealers, and merchants.
Openbank is Santander’s flagship brand for “digital-first consumer banking”.
This brand will carry the endorsement “by Santander,” highlighting its association with a global banking company.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataOpenbank currently operates in Spain, Germany, Portugal, and the Netherlands and has expanded to the US and Mexico.
Santander Consumer Finance is a European auto finance provider, with operations in 18 countries and a loan volume exceeding €140bn.
Together, Openbank and SCF support around 16,000 new customers daily across Europe, catering to diverse financing needs.
The combined management of Openbank and SCF has partnered with major retailers such as Apple, Amazon, and Vodafone.
The merger will enable SCF and Openbank customers will have access to the comprehensive offerings of the merged business through a cohesive digital platform, having a single point of entry for banking, lending, and payment solutions, stated Santander.
Openbank provides a range of services across various markets, including an automated investment service known as Robo Advisor.
Robo Adivsor is a broker platform that utilises artificial intelligence tools to offer target prices for both European and US stocks.
Additionally, Openbank has recently introduced a cryptocurrency trading service.
Santander plans to commence with the merger of the legal entities of Openbank and Santander Consumer Finance, both based in Spain, pending regulatory approvals, while also consolidating the operations of Openbank and Santander Consumer Bank in Germany.
Additionally, the group intends to implement a gradual rebranding initiative across various European markets.
Recently, Santander advanced its commitment to a data and AI-centric approach through collaboration with OpenAI, aiming to establish itself as an “AI-native” bank.
