Market Chatter: Banco Santander Launches Digital Bank in US, Aiming to Support $30 Billion in Vehicle Loans

MT Newswires Live

2024-10-21

Banco Santander (SAN) on Monday launched its digital bank in the US, potentially supporting up to $30 billion in vehicle loan financing and expanding its retail operation, Reuters reported, citing the company's US Chief Executive Tim Wennes.

The launch of Openbank aligns with Santander's strategy to evolve into a digital bank with physical branches, the report said, adding that Santander holds over $45 billion in retail deposits across its 409 branches in nine northeastern states and has more than $60 billion in auto-related loans.

Openbank may offer small business deposits in the future, but Santander US has no plans to re-enter mortgage lending after exiting the market in 2022 due to a lack of scale, Wennes told Reuters on Friday.

Banco Santander didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 4.99, Change: -0.05, Percent Change: -1.09

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This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)</p><p>Price: 4.99, Change: -0.05, Percent Change: -1.09</p></body></html>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK7142","symbol_name":"石油與天然氣的勘探與生產","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2477867615","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2477867615","pubTimestamp":1729524147,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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