Banco Santander combines common corporate policies and divisions with local implementation in the countries in which it operates, thus taking advantage of synergies and competitive advantages on an international scale.
In accordance with the criteria established by New International Accounting Standards, the Group structures its business areas into two levels: the main or geographical level, and the secondary level, by type of business.
Main level
The main or geographical level is divided into the following areas:
Continental Europe : This area incorporates all retail banking, asset management, insurance and wholesale banking business carried out in Continental Europe. The main units are:
-the Santander Branch Network Spain
-Banesto
-Santander Consumer Finance, in which Germany is the unit that contributes the most to the consumer finance business
-Santander Totta
UK : Focusing chiefly on retail banking. Santander UK is the third largest bank in the country by deposits.
Latin America: This area encompasses the subsidiary banks in Latin America, mainly in Brazil, Mexico, Chile and Argentina.
Furthermore, Santander has subsidiaries in Puerto Rico, Colombia and Uruguay.
US: The bank bases its business mainly on retail banking in this area, through Sovereign Bank.
Secondary level
The secondary level, broken down by type of business, is equivalent in its sum total to that of the three geographical areas included in the main level:
1) Retail Banking, which also encompasses Private Banking.
2) Global Wholesale Banking
3) Asset Management and Insurance
In addition to the operational segments, the Group has a Finance Management and Holdings area.
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