Banco Santander, S.A. (SAN): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico do banco global, o Banco Santander, S.A. (SAN) surge como uma potência estratégica, misturando perfeitamente serviços financeiros tradicionais com inovação digital de ponta. Aproveitando uma tela sofisticada modelo de negócios que se estende 16 países e atende a milhões de clientes, o Santander transformou sua abordagem de um banco convencional em um ecossistema financeiro orientado por tecnologia. Esse modelo abrangente não apenas destaca a presença global robusta do banco, mas também mostra sua estratégia ágil para navegar no mercado de serviços financeiros complexos e em constante evolução.

Banco Santander, S.A. (SAN) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com empresas globais de tecnologia financeira

O Banco Santander estabeleceu parcerias estratégicas com as seguintes empresas Global Fintech:

Parceiro	Detalhes da parceria	Ano estabelecido
Ripple	Tecnologia de pagamento transfronteiriça	2018
Ant Financial	Colaboração bancária digital	2019
Kabbage	Plataforma de empréstimos para pequenas empresas	2020

Parcerias com principais redes de pagamento

As principais parcerias da rede de pagamento do Santander incluem:

• Visto: Contrato de Processamento de Pagamento Global
• MasterCard: colaboração de rede de transações internacionais
• American Express: Corporate Card Services Partnership

Colaboração com startups de fintech

Os investimentos em inovação da Fintech da Santander totalizam 400 milhões de euros através do Santander Innoventure Fund a partir de 2023.

Startup de fintech	Valor do investimento	Área de foco
Klarna	€ 30 milhões	Soluções de pagamento
TrueAccord	€ 15 milhões	Tecnologia de cobrança de dívidas

Joint ventures com empresas de seguros e investimentos

Principais parcerias de seguro e investimento do Santander:

• AXA: Acordo de Bancassurance em vários mercados
• Allianz: Colaboração de Seguro de Vida
• BlackRock: Parceria de Gerenciamento de Investimentos

Cross-Border Banking Partnerships

Santander operates in 10 primary countries with strategic cross-border banking partnerships:

País	Parceiro local	Tipo de parceria
Brasil	Banco do Brasil	Aliança estratégica
México	BBVA México	Compartilhamento de tecnologia
Reino Unido	Barclays	Colaboração bancária corporativa

Banco Santander, S.A. (SAN) - Modelo de negócios: Atividades -chave

Serviços bancários comerciais e de varejo

O Banco Santander opera com 133,5 milhões de clientes em todo o mundo a partir de 2023. O Banco mantém 9.365 agências em vários países. A receita bancária total de varejo atingiu € 36,1 bilhões em 2022.

Serviço bancário	Segmentos de clientes	Receita anual
Bancos pessoais	Indivíduos	22,3 bilhões de euros
Bancos comerciais	Pequenas/médias empresas	€ 13,8 bilhões

Desenvolvimento da plataforma bancária digital

O Santander investiu 5,5 bilhões de euros em transformação digital em 2022. Os usuários de bancos digitais atingiram 48,1 milhões de clientes.

• Plataformas bancárias móveis em 10 mercados primários
• Volume de transações online: 2,3 bilhões de transações anuais
• Aberturas de contas somente digital: 1,7 milhão em 2022

Gerenciamento de riscos e consultoria financeira

Risk management budget allocated: €1.2 billion in 2022. Compliance and regulatory spending: €780 million.

Categoria de risco	Management Expenditure	Taxa de cobertura
Risco de crédito	€ 620 milhões	98.3%
Risco operacional	€ 350 milhões	96.5%

Investimento e gestão de patrimônio

Total de ativos sob gestão: 272 bilhões de euros em 2022. Receita de banco de investimento: 4,6 bilhões de euros.

• Clientes de gerenciamento de patrimônio: 6,2 milhões
• Valor médio do portfólio: € 43.850
• Produtos de investimento: 127 fundos diferentes

Transações bancárias e transfronteiriças internacionais

Volume da transação internacional: 1,4 trilhão de euros em 2022. Presença operacional em 13 países primários.

Região	Volume de transação	Número de países
Europa	€ 680 bilhões	7 países
Américas	€ 520 bilhões	4 países
Outras regiões	€ 200 bilhões	2 países

Banco Santander, S.A. (SAN) - Modelo de negócios: Recursos -chave

Extensa rede bancária global

A partir de 2024, o Banco Santander opera em:

Região	Número de países	Filiais totais
Europa	7	5,406
América latina	6	3,892
América do Norte	2	1,274

Infraestrutura de tecnologia bancária digital

Investimento de tecnologia e recursos:

• Investimento de tecnologia anual: 5,5 bilhões de euros
• Usuários bancários digitais: 53 milhões
• Downloads de aplicativos bancários móveis: 32,4 milhões

Capital financeiro e reservas

Métrica financeira	2024 Valor
Total de ativos	€ 1,74 trilhão
Proporção de nível de patrimônio comum 1	12.65%
Índice de cobertura de liquidez	179%

Força de trabalho qualificada

Recuante de recursos humanos:

Categoria de funcionários	Número
Total de funcionários	197,000
Funcionários com diplomas avançados	62%
Especialistas em tecnologia digital	14,500

Recursos de dados e análises do cliente

• Centros de processamento de dados: 6
• Investimento anual de análise de dados: 780 milhões de euros
• Pontos de dados do cliente rastreados: 158 milhões

Banco Santander, S.A. (SAN) - Modelo de negócios: proposições de valor

Soluções financeiras abrangentes para indivíduos e empresas

O Banco Santander oferece uma gama diversificada de produtos financeiros com ativos totais de € 1,427 trilhão a partir do terceiro trimestre de 2023. A receita bancária corporativa atingiu € 7,4 bilhões em 2022.

Categoria de produto	Receita anual (€ bilhão)
Banco corporativo	7.4
Banco de varejo	12.6
Banco de investimento	3.2

Experiência bancária digital integrada

Os clientes digitais atingiram 48,1 milhões em 2023, representando 39,4% da base total de clientes.

• Usuários bancários móveis: 35,2 milhões
• Plataformas bancárias online: ativo em 10 países
• Volume da transação digital: € 472 bilhões anualmente

Taxas de juros competitivas e produtos financeiros

Taxas médias de empréstimos entre mercados: 4,67% para empréstimos pessoais, 3,95% para hipotecas.

Tipo de produto	Intervalo de taxa de juros
Empréstimos pessoais	4.5% - 4.85%
Empréstimos hipotecários	3.75% - 4.15%
Empréstimos comerciais	5.2% - 6.5%

Serviços bancários personalizados

O Santander oferece soluções financeiras personalizadas com 145,7 milhões de clientes no total em todo o mundo.

• Clientes de gerenciamento de patrimônio: 2,3 milhões
• Clientes Banking Private: 386.000
• Portfólios de investimento personalizados: 187 bilhões de euros sob administração

Rede Financeira Global com Insights de Mercado Local

Presença operacional em 13 mercados principais com distribuição total de receita geográfica:

Região	Contribuição da receita (%)
Europa	62.3%
América latina	29.7%
América do Norte	8%

Banco Santander, S.A. (SAN) - Modelo de negócios: Relacionamentos do cliente

Suporte ao cliente omnichannel

A partir de 2024, o Banco Santander mantém 13.605 filiais físicas em vários países. Os canais de suporte digital incluem:

• Aplicativo bancário móvel com 43,5 milhões de usuários ativos
• Plataforma de atendimento ao cliente on -line 24/7
• Suporte bancário telefônico em 10 idiomas primários

Canal	Interações mensais do usuário	Taxa de resolução
Aplicativo móvel	182 milhões	94.3%
Bancos online	127 milhões	91.7%
Call center	45 milhões	88.5%

Interfaces bancárias digitais personalizadas

Os recursos de personalização digital incluem:

• Recomendações financeiras orientadas pela IA
• Painel personalizado com análise de gastos
• Sugestões personalizadas de produtos

Programas de fidelidade e serviços financeiros direcionados

Estatísticas do Programa de Fidelidade do Santander:

Métrica do programa	Valor
Membros do programa de fidelidade total	22,4 milhões
Redenção média anual de recompensas	€ 327 por cliente
Taxa de retenção de clientes	87.6%

Comunicação e engajamento regulares do cliente

Canais de comunicação e métricas de engajamento:

• Assinantes mensais de newsletter: 16,7 milhões
• Frequência de comunicação por e -mail: 2,3 vezes por mês
• Seguidores de mídia social: 5,9 milhões

Gerentes de relacionamento dedicados para clientes corporativos

Segmento de clientes corporativos	Gerentes dedicados	Tamanho médio do portfólio de clientes
Grandes empresas	1,275	€ 487 milhões
Médias empresas	3,602	€ 89 milhões
Pequenas empresas	6,843	€ 12,5 milhões

Banco Santander, S.A. (SAN) - Modelo de negócios: canais

Aplicativos bancários móveis

A partir de 2024, o aplicativo bancário móvel do Banco Santander atende a 39,1 milhões de clientes digitais ativos em seus mercados globais. O banco registrou 1,52 bilhão de interações digitais em 2023, com o uso de aplicativos móveis representando 68,3% do total de interações digitais.

Métrica de aplicativo móvel	2024 dados
Clientes digitais ativos	39,1 milhões
Interações digitais de aplicativo móvel	1,04 bilhão
Taxa de penetração de aplicativos móveis	68.3%

Plataformas bancárias online

A plataforma bancária on -line do Santander suporta transações em 10 mercados primários, com 142,6 milhões de clientes digitais no 2024. A plataforma processou 3,78 bilhões de transações digitais no ano fiscal anterior.

• Total de clientes digitais: 142,6 milhões
• Volume da transação digital: 3,78 bilhões
• Países com plataforma online ativa: 10

Rede de ramificação física

O Banco Santander mantém 11.323 agências físicas em 10 mercados principais em 2024. A rede de agências do banco cobre 39 países em todo o mundo, com uma média de 327 agências por país.

Branch Network Metric	2024 dados
Ramos físicos totais	11,323
Países com presença física	39
Países do mercado central	10

Infraestrutura de caixas eletrônicos

O Santander opera 51.642 caixas eletrônicos em todo o mundo em 2024, com uma média de 1.324 caixas eletrônicos por país do mercado principal. Essas máquinas processaram 2,46 bilhões de transações de retirada e depósito no ano fiscal anterior.

• ATMs totais: 51.642
• Transações anuais de atm: 2,46 bilhões
• ATMs médios por mercado principal: 1.324

Provedores de serviços financeiros de terceiros

O Banco Santander colabora com 876 provedores de serviços financeiros de terceiros em sua rede global. Essas parcerias facilitam as transações transfronteiriças, processamento de pagamentos e integrações de tecnologia financeira.

Métrica de parceria de terceiros	2024 dados
Fornecedores totais de terceiros	876
Cobertura de parceria	39 países
Taxa de integração de transações	92.4%

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

Clientes bancários de varejo

Em 2024, o Banco Santander atende a aproximadamente 153 milhões de clientes de varejo em 10 mercados principais. A base de clientes de varejo do banco é distribuída da seguinte maneira:

País	Número de clientes de varejo	Penetração de mercado
Espanha	39,2 milhões	35.6%
Brasil	49,5 milhões	28.3%
Reino Unido	18,7 milhões	22.4%
Outros mercados	45,6 milhões	Varia

Pequenas e médias empresas

O Banco Santander suporta 1,2 milhão de pequenas e médias empresas (PMEs) com serviços financeiros especializados.

• Portfólio total de empréstimos para PME: € 124,3 bilhões
• Tamanho médio do empréstimo: € 103.500
• Penetração bancária digital entre as PME: 67,8%

Grandes clientes corporativos

O banco atende a 15.000 grandes clientes corporativos com necessidades financeiras complexas.

Segmento	Empréstimos corporativos totais	Receita média do cliente
Corporações multinacionais	€ 287,6 bilhões	€ 42,3 milhões
Grandes empresas nacionais	€ 156,2 bilhões	€ 18,7 milhões

Indivíduos de alta rede

O Banco Santander gerencia a riqueza para 280.000 indivíduos de alta rede.

• Total de ativos sob gestão: € 352,4 bilhões
• Valor médio do portfólio de clientes: € 1,26 milhão
• Parte de mercado de gestão de patrimônio: 22,5%

Clientes bancários internacionais

O banco opera em 10 mercados primários com uma base internacional de clientes internacional significativa.

Região	Total de clientes internacionais	Volume de transação transfronteiriça
Europa	62,4 milhões	€ 487,3 bilhões
América latina	76,8 milhões	€ 329,6 bilhões
Outras regiões	14,2 milhões	€ 92,7 bilhões

Banco Santander, S.A. (SAN) - Modelo de negócios: estrutura de custos

Investimentos de infraestrutura de tecnologia

Em 2023, o Banco Santander investiu 4,9 bilhões de euros em infraestrutura de transformação e tecnologia digital. A quebra de despesas de tecnologia do banco:

Categoria de tecnologia	Investimento (milhões de euros)
Plataformas bancárias digitais	1,650
Sistemas de segurança cibernética	780
Infraestrutura de computação em nuvem	1,120
AI e aprendizado de máquina	620

Salários e treinamento de funcionários

As despesas relacionadas ao pessoal do Banco Santander para 2023:

• Compensação total dos funcionários: 11,2 bilhões de euros
• Salário médio dos funcionários: € 52.400 por ano
• Orçamento de treinamento e desenvolvimento: € 340 milhões

Despesas de conformidade regulatória

Alocação de custos de conformidade para 2023:

Área de conformidade	Despesas (milhões de euros)
Lavagem anti-dinheiro	520
Gerenciamento de riscos	420
Proteção de dados	280
Relatórios regulatórios	190

Custos de marketing e aquisição de clientes

Redução de despesas de marketing para 2023:

• Orçamento total de marketing: € 780 milhões
• Gastos de marketing digital: € 420 milhões
• Custo de aquisição de clientes por novo cliente: € 186

Manutenção do ramo físico

Despesas de manutenção da rede de filiais para 2023:

Categoria de despesa	Custo (milhões de euros)
Aluguel e instalações	1,100
Utilitários	340
Equipamento de ramificação	220
Manutenção e reparos	180

Banco Santander, S.A. (SAN) - Modelo de negócios: fluxos de receita

Receita de juros de empréstimos e produtos de crédito

Para o ano fiscal de 2023, o Banco Santander registrou receita de juros líquidos de 36,2 bilhões de euros. A repartição da receita de juros por região mostra:

Região	Receita de juros (bilhão de €)
Espanha	8.7
Brasil	12.3
Reino Unido	5.9
Estados Unidos	4.6
Outros mercados	4.7

Taxas bancárias e receitas da comissão

O Banco Santander gerou receita de € 13,5 bilhões em 2023, com os seguintes segmentos -chave:

• Serviços de pagamento: € 4,2 bilhões
• Taxas de gerenciamento de contas: € 3,8 bilhões
• Transações de cartão de crédito e débito: € 2,7 bilhões
• Serviços bancários corporativos: € 2,8 bilhões

Serviços bancários de investimento

As receitas bancárias de investimento em 2023 totalizaram 2,9 bilhões de euros, compostos em:

Serviço	Receita (milhão de €)
Fusões e aquisições consultivas	1,100
Mercado de capital de dívida	850
Mercados de capital de ações	650
Finanças estruturadas	300

Taxas de gerenciamento de ativos

As receitas de gestão de ativos atingiram € 1,6 bilhão em 2023, com:

• Gerenciamento de fundos mútuos: € 750 milhões
• Gerenciamento de fundos de pensão: € 550 milhões
• Gerenciamento de patrimônio privado: € 300 milhões

Comissões de produtos de seguro

As receitas relacionadas ao seguro para 2023 totalizaram 1,1 bilhão de euros, distribuídos da seguinte forma:

Tipo de seguro	Renda da comissão (milhão de €)
Seguro de vida	550
Seguro de propriedade e vítima	350
Seguro de saúde	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.