Banco Santander, S.A. (SAN): Modelo de Negocio Canvas [Actualizado en Ene-2025]

En el panorama dinámico de la banca global, Banco Santander, S.A. (SAN) emerge como una potencia estratégica, combinando sin problemas los servicios financieros tradicionales con innovación digital de vanguardia. Aprovechando un sofisticado lienzo de modelo de negocio que abarca 16 países y atiende a millones de clientes, Santander ha transformado su enfoque de un banco convencional a un ecosistema financiero impulsado por la tecnología. Este modelo integral no solo destaca la sólida presencia global del banco, sino que también muestra su estrategia ágil para navegar por el complejo mercado de servicios financieros en constante evolución.

Banco Santander, S.A. (SAN) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con empresas de tecnología financiera global

Banco Santander ha establecido asociaciones estratégicas con las siguientes firmas globales de fintech:

Pareja	Detalles de la asociación	Año establecido
Onda	Tecnología de pago transfronteriza	2018
Hormigas financieras	Colaboración bancaria digital	2019
Kabbage	Plataforma de préstamos para pequeñas empresas	2020

Asociaciones con las principales redes de pago

Las asociaciones clave de la red de pago de Santander incluyen:

• Visa: Acuerdo de procesamiento de pagos globales
• MasterCard: colaboración de redes internacionales de redes de transacciones
• American Express: Asociación de servicios de tarjetas corporativas

Colaboración con startups fintech

Las inversiones de innovación Fintech de Santander totalizan 400 millones de euros a través de Santander Innoventures Fund a partir de 2023.

Inicio de fintech	Monto de la inversión	Área de enfoque
Klarna	30 millones de euros	Soluciones de pago
Trueaccord	€ 15 millones	Tecnología de cobro de deudas

Empresas conjuntas con compañías de seguros e inversiones

Asociaciones clave de seguros e inversiones de Santander:

• AXA: Acuerdo de bancassurance en múltiples mercados
• Allianz: colaboración de seguros de vida
• BlackRock: Asociación de gestión de inversiones

Asociaciones bancarias transfronterizas

Santander opera en 10 países principales con asociaciones bancarias transfronterizas estratégicas:

País	Socio local	Tipo de asociación
Brasil	Banco do Brasil	Alianza estratégica
México	BBVA México	Compartir tecnología
Reino Unido	Barclays	Colaboración bancaria corporativa

Banco Santander, S.A. (SAN) - Modelo de negocios: actividades clave

Servicios de banca minorista y comercial

Banco Santander opera con 133.5 millones de clientes a nivel mundial a partir de 2023. El banco mantiene 9.365 sucursales en múltiples países. Los ingresos totales de la banca minorista llegaron a 36.100 millones de euros en 2022.

Servicio bancario	Segmentos de clientes	Ingresos anuales
Banca personal	Individuos	22.3 mil millones de euros
Banca comercial	Empresas pequeñas/medianas	€ 13.8 mil millones

Desarrollo de la plataforma de banca digital

Santander invirtió € 5.5 mil millones en transformación digital en 2022. Los usuarios de banca digital llegaron a 48.1 millones de clientes.

• Plataformas de banca móvil en 10 mercados primarios
• Volumen de transacciones en línea: 2.300 millones de transacciones anuales
• Aberturas de cuenta solo digital: 1.7 millones en 2022

Gestión de riesgos y asesoramiento financiero

Presupuesto de gestión de riesgos asignado: € 1.2 mil millones en 2022. Cumplimiento y gasto regulatorio: € 780 millones.

Categoría de riesgo	Gasto de gestión	Relación de cobertura
Riesgo de crédito	620 millones de euros	98.3%
Riesgo operativo	350 millones de euros	96.5%

Inversión y gestión de patrimonio

Activos totales bajo administración: € 272 mil millones en 2022. Ingresos de banca de inversión: € 4.6 mil millones.

• Clientes de gestión de patrimonio: 6.2 millones
• Valor promedio de la cartera: € 43,850
• Productos de inversión: 127 fondos diferentes

Transacciones bancarias internacionales y transfronterizas

Volumen de transacciones internacionales: € 1.4 billones en 2022. Presencia operativa en 13 países principales.

Región	Volumen de transacción	Número de países
Europa	680 mil millones de euros	7 países
América	520 mil millones de euros	4 países
Otras regiones	200 mil millones de euros	2 países

Banco Santander, S.A. (SAN) - Modelo de negocios: recursos clave

Extensa red bancaria global

A partir de 2024, Banco Santander opera en:

Región	Número de países	Total de ramas
Europa	7	5,406
América Latina	6	3,892
América del norte	2	1,274

Infraestructura de tecnología de banca digital

Inversión y capacidades tecnológicas:

• Inversión tecnológica anual: € 5.5 mil millones
• Usuarios de banca digital: 53 millones
• Descargas de aplicaciones de banca móvil: 32.4 millones

Capital financiero y reservas

Métrica financiera	Valor 2024
Activos totales	€ 1.74 billones
Relación de nivel de equidad común	12.65%
Relación de cobertura de liquidez	179%

Fuerza laboral hábil

Desglose de recursos humanos:

Categoría de empleado	Número
Total de empleados	197,000
Empleados con títulos avanzados	62%
Especialistas en tecnología digital	14,500

Datos del cliente y capacidades de análisis

• Centros de procesamiento de datos: 6
• Inversión anual de análisis de datos: € 780 millones
• Puntos de datos del cliente rastreados: 158 millones

Banco Santander, S.A. (SAN) - Modelo de negocios: propuestas de valor

Soluciones financieras integrales para individuos y empresas

Banco Santander ofrece una amplia gama de productos financieros con activos totales de € 1.427 billones a partir del tercer trimestre de 2023. Los ingresos bancarios corporativos alcanzaron € 7.4 mil millones en 2022.

Categoría de productos	Ingresos anuales (mil millones)
Banca corporativa	7.4
Banca minorista	12.6
Banca de inversión	3.2

Experiencia bancaria digital integrada

Los clientes digitales llegaron a 48.1 millones en 2023, lo que representa el 39.4% de la base total de clientes.

• Usuarios de banca móvil: 35.2 millones
• Plataformas de banca en línea: activo en 10 países
• Volumen de transacción digital: € 472 mil millones anuales

Tasas de interés competitivas y productos financieros

Tasas de préstamo promedio en todos los mercados: 4.67% para préstamos personales, 3.95% para hipotecas.

Tipo de producto	Rango de tasas de interés
Préstamos personales	4.5% - 4.85%
Préstamos hipotecarios	3.75% - 4.15%
Préstamos comerciales	5.2% - 6.5%

Servicios bancarios personalizados

Santander ofrece soluciones financieras personalizadas con 145.7 millones de clientes totales a nivel mundial.

• Clientes de gestión de patrimonio: 2.3 millones
• Clientes de banca privada: 386,000
• Carteras de inversión personalizadas: € 187 mil millones bajo administración

Red financiera global con información del mercado local

Presencia operativa en 13 mercados centrales con distribución total de ingresos geográficos:

Región	Contribución de ingresos (%)
Europa	62.3%
América Latina	29.7%
América del norte	8%

Banco Santander, S.A. (SAN) - Modelo de negocios: relaciones con los clientes

Atención al cliente omnicanal

A partir de 2024, Banco Santander mantiene 13.605 ramas físicas en múltiples países. Los canales de soporte digital incluyen:

• Aplicación de banca móvil con 43.5 millones de usuarios activos
• Plataforma de servicio al cliente en línea 24/7
• Soporte de banca telefónica en 10 idiomas principales

Canal	Interacciones mensuales de usuario	Tasa de resolución
Aplicación móvil	182 millones	94.3%
Banca en línea	127 millones	91.7%
Centro de llamadas	45 millones	88.5%

Interfaces de banca digital personalizadas

Las características de personalización digital incluyen:

• Recomendaciones financieras impulsadas por IA
• Panel de control personalizado con análisis de gastos
• Sugerencias de productos personalizadas

Programas de fidelización y servicios financieros específicos

Estadísticas del programa de fidelización de Santander:

Métrico de programa	Valor
Miembros del programa de fidelización total	22.4 millones
Redención anual promedio de recompensas	327 € por cliente
Tasa de retención de clientes	87.6%

Comunicación y compromiso regular del cliente

Canales de comunicación y métricas de compromiso:

• Suscriptores mensuales de boletín: 16.7 millones
• Frecuencia de comunicación por correo electrónico: 2.3 veces al mes
• Seguidores de redes sociales: 5.9 millones

Gerentes de relaciones dedicadas para clientes corporativos

Segmento de clientes corporativos	Gerentes dedicados	Tamaño promedio de la cartera de clientes
Grandes empresas	1,275	487 millones de euros
Empresas medianas	3,602	89 millones de euros
Pequeñas empresas	6,843	12.5 millones de euros

Banco Santander, S.A. (SAN) - Modelo de negocios: canales

Aplicaciones de banca móvil

A partir de 2024, la aplicación de banca móvil de Banco Santander atiende a 39.1 millones de clientes digitales activos en sus mercados globales. El banco reportó 1,52 mil millones de interacciones digitales en 2023, con el uso de la aplicación móvil que representa el 68.3% de las interacciones digitales totales.

Módulo de aplicación móvil	2024 datos
Clientes digitales activos	39.1 millones
Interacciones digitales de aplicaciones móviles	1.04 mil millones
Tasa de penetración de aplicaciones móviles	68.3%

Plataformas de banca en línea

La plataforma de banca en línea de Santander admite transacciones en 10 mercados primarios, con 142.6 millones de clientes digitales totales en 2024. La plataforma procesó 3.78 mil millones de transacciones digitales en el año fiscal anterior.

• Total de clientes digitales: 142.6 millones
• Volumen de transacción digital: 3.78 mil millones
• Países con plataforma en línea activa: 10

Red de sucursales físicas

Banco Santander mantiene 11.323 sucursales físicas en 10 mercados centrales en 2024. La red de sucursales del banco cubre 39 países a nivel mundial, con un promedio de 327 sucursales por país.

Métrica de la red de sucursal	2024 datos
Ramas físicas totales	11,323
Países con presencia física	39
Países del mercado central	10

Infraestructura de cajeros automáticos

Santander opera 51,642 cajeros automáticos en todo el mundo en 2024, con un promedio de 1,324 cajeros automáticos por país del mercado central. Estas máquinas procesaron 2.46 mil millones de transacciones de retiro de efectivo y depósitos en el año fiscal anterior.

• ATMS totales: 51,642
• Transacciones anuales de cajeros automáticos: 2.46 mil millones
• ATMS promedio por mercado central: 1.324

Proveedores de servicios financieros de terceros

Banco Santander colabora con 876 proveedores de servicios financieros de terceros en su red global. Estas asociaciones facilitan las transacciones transfronterizas, el procesamiento de pagos e integraciones de tecnología financiera.

Métrica de asociación de terceros	2024 datos
Proveedores totales de terceros	876
Cobertura de asociación	39 países
Tasa de integración de transacciones	92.4%

Banco Santander, S.A. (SAN) - Modelo de negocios: segmentos de clientes

Clientes de banca minorista

A partir de 2024, Banco Santander atiende a aproximadamente 153 millones de clientes minoristas en 10 mercados principales. La base de clientes minoristas del banco se distribuye de la siguiente manera:

País	Número de clientes minoristas	Penetración del mercado
España	39.2 millones	35.6%
Brasil	49.5 millones	28.3%
Reino Unido	18.7 millones	22.4%
Otros mercados	45.6 millones	Varía

Empresas pequeñas y medianas

Banco Santander apoya a 1,2 millones de pequeñas y medianas empresas (PYME) con servicios financieros especializados.

• Portafolio de préstamos Total SME: € 124.3 mil millones
• Tamaño promedio del préstamo: € 103,500
• Penetración bancaria digital entre las PYME: 67.8%

Grandes clientes corporativos

El banco atiende a 15,000 grandes clientes corporativos con necesidades financieras complejas.

Segmento	Préstamos corporativos totales	Ingresos promedio del cliente
Corporaciones multinacionales	287.6 mil millones de euros	42.3 millones de euros
Grandes empresas nacionales	€ 156.2 mil millones	18,7 millones de euros

Individuos de alto nivel de red

Banco Santander administra la riqueza para 280,000 individuos de alto patrimonio.

• Activos totales bajo administración: € 352.4 mil millones
• Valor promedio de la cartera del cliente: € 1.26 millones
• Cuota de mercado de gestión de patrimonio: 22.5%

Clientes bancarios internacionales

El banco opera en 10 mercados primarios con una importante base de clientes internacionales.

Región	Total de clientes internacionales	Volumen de transacción transfronterizo
Europa	62.4 millones	€ 487.3 mil millones
América Latina	76.8 millones	329.6 mil millones de euros
Otras regiones	14.2 millones	€ 92.7 mil millones

Banco Santander, S.A. (SAN) - Modelo de negocio: Estructura de costos

Inversiones de infraestructura tecnológica

En 2023, Banco Santander invirtió 4,9 mil millones de euros en infraestructura de transformación digital y tecnología. Desglose de los gastos tecnológicos del banco:

Categoría de tecnología	Inversión (millones de euros)
Plataformas de banca digital	1,650
Sistemas de ciberseguridad	780
Infraestructura de computación en la nube	1,120
AI y aprendizaje automático	620

Salarios y capacitación de los empleados

Los gastos relacionados con el personal de Banco Santander para 2023:

• Compensación total de empleados: € 11.2 mil millones
• Salario promedio de empleados: € 52,400 por año
• Presupuesto de capacitación y desarrollo: 340 millones de euros

Gastos de cumplimiento regulatorio

Asignación de costos de cumplimiento para 2023:

Área de cumplimiento	Gasto (millones de euros)
Anti-lavado de dinero	520
Gestión de riesgos	420
Protección de datos	280
Informes regulatorios	190

Costos de marketing y adquisición de clientes

Desglose de gastos de marketing para 2023:

• Presupuesto total de marketing: € 780 millones
• Gasto de marketing digital: € 420 millones
• Costo de adquisición de clientes por nuevo cliente: € 186

Mantenimiento de ramas físicas

Gastos de mantenimiento de la red de sucursales para 2023:

Categoría de gastos	Costo (millones de euros)
Alquiler e instalaciones	1,100
Utilidades	340
Equipo de rama	220
Mantenimiento y reparaciones	180

Banco Santander, S.A. (SAN) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de préstamos y productos de crédito

Para el año fiscal 2023, Banco Santander informó ingresos por intereses netos de € 36.2 mil millones. El desglose de los ingresos por intereses por región muestra:

Región	Ingresos por intereses (mil millones)
España	8.7
Brasil	12.3
Reino Unido	5.9
Estados Unidos	4.6
Otros mercados	4.7

Tarifas bancarias e ingresos por comisión

Banco Santander generó ingresos de la comisión de € 13.5 mil millones en 2023, con los siguientes segmentos clave:

• Servicios de pago: 4.200 millones de euros
• Tarifas de administración de cuentas: 3.800 millones de euros
• Transacciones de tarjeta de crédito y débito: € 2.7 mil millones
• Servicios de banca corporativa: € 2.8 mil millones

Servicios de banca de inversión

Los ingresos de la banca de inversión para 2023 totalizaron € 2,9 mil millones, compuestos por:

Servicio	Ingresos (millones de euros)
Aviso de fusiones y adquisiciones	1,100
Mercados de capital de deuda	850
Mercados de capital de renta variable	650
Finanzas estructuradas	300

Tarifas de gestión de activos

Los ingresos de gestión de activos alcanzaron € 1.6 mil millones en 2023, con:

• Gestión de fondos mutuos: € 750 millones
• Gestión de fondos de pensiones: € 550 millones
• Gestión de patrimonio privado: 300 millones de euros

Comisiones de productos de seguro

Los ingresos relacionados con el seguro para 2023 ascendieron a 1.100 millones de euros, distribuidos de la siguiente manera:

Tipo de seguro	Ingresos de la Comisión (millones de euros)
Seguro de vida	550
Seguro de propiedad y víctimas	350
Seguro médico	200

Banco Santander, S.A. (SAN) - Canvas Business Model: Value Propositions

You're looking at the core value Banco Santander, S.A. (SAN) delivers across its global footprint as of late 2025. It's about scale, simplicity, and specialized service, all underpinned by a massive digital push.

The bank's primary value is its global, diversified financial services across Europe and the Americas. This isn't just a footprint; it's a massive, interconnected network serving a huge base.

• Global customer base stands at approximately 178 million across the U.S., Europe, and Latin America.
• The operating model is built on globally-diversified subsidiaries with a model of global business supported by global platforms.

For the everyday customer, the proposition centers on simple, personal, and fair financial solutions. They are actively growing this base, adding more than seven million new customers over the past 12 months, reaching the 178 million total as of September 2025.

The digital-first banking channel, Openbank, is a major value driver, especially in the U.S. market where it launched in October 2024. This platform offers a simple, safe, and rewarding digital experience.

Here's the quick math on its U.S. digital deposit success:

Metric	Value as of Late 2025
Openbank US Deposits	More than $6 billion (as of October 30, 2025)
US Customer Count (Openbank)	Surpassed 100,000 customers (as of May 2025)

Still, Banco Santander, S.A. (SAN) offers high-touch, specialized Wealth Management for those needing more complex solutions, including Ultra-High Net Worth individuals and Family Offices. This division integrates Private Banking, Asset Management, and Insurance.

The scale of this operation is significant, with reported figures showing strong growth:

• Assets under Management for Wealth Management & Insurance reached €536 billion.
• Total assets under management in Wealth Management reached a record level of EUR 511 billion in Q1 2025.
• Attributable profit for Wealth Management & Insurance in Q1 2025 was EUR 471 million, up 25% year-on-year.

Finally, the commitment to financial inclusion is a stated value, moving beyond the initial goal. They are actively working to empower people through access, financing, and education.

What this estimate hides is that they already beat the original goal:

• Original goal: Empower 10 million people by 2025.
• Achieved by end of 2022: 11.8 million people.
• New commitment: Financially empower a further five million people between 2023 and 2025, aiming for a total of 15 million by 2025.
• In 2022 alone, they financed over 1.1 million retail customers and SMEs struggling with credit.

Finance: draft 13-week cash view by Friday.

Banco Santander, S.A. (SAN) - Canvas Business Model: Customer Relationships

Banco Santander, S.A. is building relationships across 178 million customers as of the first nine months of 2025, a 7 million year-over-year increase. The bank is targeting 200 million customers by the end of 2025.

Dedicated relationship managers for CIB and Private Banking clients

Santander Corporate & Investment Banking (Santander CIB) supports corporate and institutional clients with tailored services. The bank has a global division for this segment. The bank launched a dedicated Digital Solutions team within Santander CIB.

Metric	Value	Context/Date
Green financing raised & facilitated since 2019	over €120 billion	Target period ending 2025
Total funds	more than a trillion euros	End of Q3 2020

Automated, self-service digital channels via mobile app and online banking

The transformation strategy focuses on becoming a digital bank with branches, combining technology with team expertise. Digital onboarding time in Brazil is less than three minutes. In Spain, over 60% of the customer base uses mobile apps regularly. The bank reduced its number of products by more than a third in 2024.

• Digital transactions in Spain grew 15% in Q1 2024.
• Santander Bank N.A. (US) has 1.8 million customers.
• Openbank by Santander US surpassed 100,000 customers in its first six months (by May 2025).
• Openbank (US digital unit) attracted $6.75 billion in deposits in its first nine months of 2025.

Building lasting relationships through customer satisfaction and loyalty focus

Customer centricity is a strategic principle for growth and profitability. The bank measures experience using metrics including the Net Promoter Score (NPS). Digital customers show higher satisfaction, and those using both the app and branch are the most satisfied.

Metric	Value	Context/Date
NPS: Top ranking achieved in	7 markets	2023
Retail division customer base growth	8 million	2024
Retail division cost/income ratio	39.7%	2024
Retail division cost/income ratio	39.4%	Q1 2025
Retail division revenues	€32.5 billion	2024

Targeted financial education programs for vulnerable groups

Santander has a commitment to financial education spanning over three decades, investing more than €2.4 billion in educational projects worldwide. The bank announced a new target to financially empower 15 million people by 2025. In 2022 alone, Santander helped empower 5.5 million people.

• Over 4 million people worldwide accessed financial education initiatives in 2024.
• Globally, only 20% of consumers report taking any course in financial education.
• In Spain (2019-2021), provided financial education to over 75,000 people.
• 84% of those without financial education in school wished they had received it.
• 79% of respondents track their monthly expenses.

Personalized digital investment platforms across all countries

AI-driven robo-advisors provide hyper-personalized investment solutions. The bank launched Navigator Global, an international growth platform, which will be available in over 40 markets by the end of 2026. The previous UK version supported over 2,500 companies between 2021 and 2025. In Spain, the Santander One platform includes cryptocurrency trading for Bitcoin, Ethereum, and Binance Coin.

You should review the expansion timeline for Navigator Global, as extension to all markets is planned by the end of 2026. Finance: draft 13-week cash view by Friday.

Banco Santander, S.A. (SAN) - Canvas Business Model: Channels

You're looking at how Banco Santander, S.A. reaches its 178 million customers globally as of September 2025. The channel strategy blends a massive physical footprint with aggressive digital expansion, which is key to their stated goal of becoming a national, digital bank with branches.

The physical branch network remains substantial, though actively being optimized globally. In the UK, for instance, the bank announced changes from June 2025, closing 95 of its existing 444 branches, resulting in a refreshed network of 349 branches and Work Cafés. This UK restructuring includes 290 full-service branches, 36 reduced hours branches, and 5 Work Cafés. Despite these closures, 93% of the UK population remains within 10 miles of a Santander branch. Globally, as of H1'25, Banco Santander, S.A. operated 7,683 branches. The US operation saw the closure of 18 U.S. branches between July and August 2025, affecting about 4.5% of that network.

Digital sales channels are seeing rapid adoption, supporting the transformation strategy.

• UK digital transactions have seen a 63% increase since 2019.
• In the UK, 82% of current accounts were opened digitally.
• UK mobile banking users saw a 56% increase.
• UK mobile banking app transactions increased by 89%.
• UK mobile logins reached up to 1.9 billion.
• Openbank, the digital unit in the U.S., attracted 162,000 new customers in the US by Q3 2025.
• Openbank in the US surpassed $6.75 billion in deposits by Q3 2025.
• Openbank surpassed 100,000 customers in the US within its first six months of operation (by May 2025).

The PagoNxt global payments platform serves merchants and consumers, integrating various payment schemes.

PagoNxt Metric	Value/Figure	Context/Date
PagoNxt Payments Transactions Managed	1.2 billion	As of early 2025 (versus 303 million the year earlier)
Getnet Total Merchant Payment Volume	€222 billion	Year-end 2024 (up 13% YoY)
Ebury IPO Valuation Target	Around €2 billion	Planned for early 2025
PagoNxt EBITDA Margin	27.5%	As of early 2025

For cash access, Banco Santander, S.A. maintains a significant proprietary ATM presence, especially in Spain, alongside partnerships for broader reach. You can withdraw cash without commission at more than 7,000 ATMs across Spain. In the UK, customers can also bank using one of over 11,000 Post Office branches and 112 Banking Hubs.

The Corporate and Investment Banking (CIB) segment relies on a specialized direct sales force to engage complex clients. As of October 2025, Santander Corporate & Investment Banking has approximately 3.8K employees across 5 continents. This segment's estimated annual revenue as of October 2025 is $5B.

Banco Santander, S.A. (SAN) - Canvas Business Model: Customer Segments

You're looking at the core groups Banco Santander, S.A. (SAN) serves across its global footprint as of late 2025. The bank serves a massive base of 178 million customers across Europe and the Americas as of September 2025. The business model is structured around five global units, each targeting distinct customer needs.

Global Retail & Commercial customers form the bedrock of the business. Retail banking is cited as the major contributor to earnings, historically generating 74% of the group's profit. For the first half of 2025, the Retail & Commercial segment saw its underlying attributable profit grow by +9% year-on-year.

The push to be a digital bank with branches is heavily focused on this segment, with 67% of its products and services now digitally available. You can see the geographic concentration of this core business below, based on the latest available revenue breakdown by geography.

Core Market (by 2023 Revenue)	Revenue Share (2023)
Brazil	21.6%
Spain	17.4%
United States	12.3%
United Kingdom	11.2%
Mexico	10.2%

The Digital Consumer Bank clients are a key growth vector, especially through the Openbank platform. Openbank by Santander launched in the US in late 2024 and surpassed 100,000 customers within its first six months of operation, exceeding expectations. By February 2025, this US digital platform had already secured $2 billion in deposits. However, for the first half of 2025, the Digital Consumer Bank segment experienced a profit decline of -3% year-on-year. To be fair, the US retail bank (Santander Bank N.A.), which includes the digital offering, served over 1.8 million customers across its core Northeastern states as of May 2025.

Corporate & Investment Banking (CIB) clients and large enterprises are served globally. This segment showed solid performance in the first half of 2025, with underlying attributable profit rising by +9% year-on-year. The strategy here focuses on expanding fee-based, capital-light businesses.

Wealth Management clients, which includes Private Banking and Insurance, target higher-net-worth individuals and family offices. This unit delivered strong inflows and saw its underlying attributable profit jump by +19% in the first half of 2025, making it one of the fastest-growing segments in that period.

You can summarize the segment focus points with these key metrics:

• Total customers as of September 2025: 178 million.
• Retail & Commercial profit growth (H1 2025): +9%.
• Wealth Management profit growth (H1 2025): +19%.
• Digital Consumer Bank profit change (H1 2025): -3%.
• US Digital Bank (Openbank) customer count (May 2025): Over 100,000 in six months.

Finance: draft 13-week cash view by Friday.

Banco Santander, S.A. (SAN) - Canvas Business Model: Cost Structure

You're looking at the cost side of Banco Santander, S.A.'s operations as of late 2025. Honestly, managing costs in a global bank this size is all about scale and transformation, so the numbers reflect a constant push for efficiency.

Personnel expenses are a major component. For the fiscal year 2024, the total staff costs were reported at EUR 3,210 million, which covered an average headcount that included 21,642 Other employees and 2,182 staff in Branches abroad, among others, for a total of 24,061 in the average headcount breakdown provided for that year. By the third quarter of 2025, the reported employee count stood at 189.84K. The specific headcount of 201,304 you mentioned isn't directly in the latest reports, but the trend shows a continued reduction from the 2024 year-end figure of 206,753 employees.

For operating expenses, the focus is clearly on the efficiency ratio. Banco Santander, S.A. has a stated target to reach an efficiency ratio of around 42% by 2025. The progress toward this goal is evident in the recent figures; the efficiency ratio improved to 41.8% in the first quarter of 2025, and the cost-to-income ratio reached 41.5% in the second quarter of 2025. To give you a sense of the scale, the Selling and Administration Expenses for the period ending September 2025 were EUR 927 million.

The technology and cloud migration costs are substantial, though they are framed as investments driving future savings. The bank reported saving EUR 77 million (or $83.6 million) in efficiencies in the second quarter of 2025 alone due to technology deployment. Since 2022, the total savings generated from this transformation have reached $341 million. This is part of a massive, multi-year effort; the Group set aside $20.8 billion (€20 billion) for digital transformation back in 2020. The Gravity platform, central to this, is expected to process over one trillion technical operations annually across the group's systems once fully rolled out.

Costs associated with maintaining the large global branch network are being managed through optimization and closure. As of the end of 2024, the number of branches was 8,011, down from 8,134 the prior year. This network reduction is a direct lever to lower the operating expense base, even without a specific branch maintenance cost figure readily available for 2025.

Finally, funding costs are tracked through interest expenses. For the period ending September 2025, the reported Interest Expense on Debt was EUR 15.99 billion. This cost is managed by actively capturing deposits, which are a lower-cost and more stable source of funding. Customer funds, which include customer deposits, stood at EUR 1,211 billion (excluding repos) at the end of 2024.

Here's a quick look at some key operational and cost-related metrics as of late 2025 data:

Metric	Value	Period/Context
Efficiency Ratio (Actual)	41.8%	Q1 2025
Efficiency Ratio (Target)	Around 42%	By 2025
Employees (Latest Reported)	189.84K	Q3 2025
Total Staff Costs	EUR 3,210 million	FY 2024
Technology Savings (Q2 2025)	EUR 77 million	Q2 2025
Branches (Latest Count)	8,011	End of 2024
Interest Expense on Debt	EUR 15.99 billion	Sep/Q3 2025

Finance: draft 13-week cash view by Friday.

Banco Santander, S.A. (SAN) - Canvas Business Model: Revenue Streams

You're looking at the core ways Banco Santander, S.A. is bringing in money as of late 2025. It's a mix of traditional banking income and growth from specialized digital units. Honestly, the numbers show a clear focus on efficiency and high-return areas.

Net Interest Income (NII) from core lending activities remains foundational. For the first half of 2025 (H1'25), NII showed growth of 1.3% year-on-year in constant euros, contributing to a Total Income increase of 4.6% in the same period. Looking at the first quarter of 2025 (Q1'25), NII was stable year-on-year, though it recorded a 4% rise when excluding the impact of Argentina. Analysts in mid-2025 projected continued NII growth of 2%-3% for Q2 2025 in constant currency terms.

Net Fee and Commission Income from services and transactions has been a standout performer. In Q1 2025, net fee income hit a record of €3.37 billion, marking a 9% increase in constant euros year-on-year. For H1 2025 overall, net fee income grew 3.2% (or 9% in constant euros). This strong fee performance helped offset a dip in NII in some periods.

Retail Banking, which you noted generates 74% of total profits, is showing solid profit growth from its core operations. For the first nine months of 2025 (9M'25), Retail & Commercial Banking's attributable profit grew 9% to €5,670 million. This segment's profitability is supported by higher net fee income and tight cost control.

Wealth Management and Insurance continues to be a high-growth area. The segment saw 14% growth in wealth management revenue in Q2 2025. For H1'25, the Wealth & Insurance segment saw its profit increase by 19%. To give you a concrete example from earlier in the year, in Q1 2025, Insurance gross written premiums reached €2.7 billion (a 4% year-on-year rise in constant euros), and its attributable profit was 25% higher year-on-year.

Payments revenue from PagoNxt and Global Cards diversifies the revenue base away from pure lending. For the Cards business in 2024, turnover reached €330 billion (a 9% increase), with revenue growing 7%. PagoNxt, the merchant-facing division, is targeted to achieve a revenue growth of around 30% in 2025. In Q1 2025, the overall Payments segment profit increased 30% to €126 million.

Here's a quick look at some of these key revenue drivers based on the latest available figures:

Revenue Stream Component	Period	Financial Amount / Growth Rate
Net Interest Income (NII) YoY Change (cc)	H1 2025	+1.3%
Net Fee Income (cc) YoY Change	H1 2025	+9%
Retail & Commercial Banking Attributable Profit	9M 2025	€5,670 million
Wealth Management Revenue Growth	Q2 2025	14%
Payments Segment Profit	Q1 2025	€126 million
Global Cards Turnover	2024	€330 billion

You can see the focus on growing the non-lending income streams. For instance, PagoNxt continues to target significant revenue growth, aiming for an H1 2025 revenue around €758 million. The bank is definitely pushing its customer-related activities hard.

• Total income for H1 2025 was €4.6% higher year-on-year in constant euros.
• In Q1 2025, the bank added nine million new customers.
• The efficiency ratio improved to 41.8% in Q1 2025, down from 45.8% in the 2023 target period.