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2023 Highlights
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About us
Santander’s Digital Consumer Bank Europe is one of our growth initiatives created by the combination of two successful businesses: Santander Consumer Finance (SCF) and Openbank.
- SCF is Europe’s consumer finance leader. Every year more than six million people initiate a business relation with SCF through a car loan, a consumer loan or a credit card (among other products). SCF operates in 16 European markets through more than 130,000 points of sale. Besides being among the Top 3 by size in most of its markets, its outstanding efficiency and risk management capabilities enable SCF to grow its business while keeping a good credit quality.
- Openbank, Santander’s 100% digital bank, is the European online banking leader by managed customer funds. It uses an innovative and efficient banking platform developed inhouse.
Santander’s Digital Consumer Bank’s aim is to convert single product relationships into full banking customers through other banking products.
Our history
Santander specialised in the consumer finance business in Spain in the 1970’s. In 1987, Santander started its international expansion through the acquisition of CC Bank in Germany. Following the integration in 2002 of its consumer finance businesses in SCF, it continued its expansion through further acquisitions. It signed in 2014 a collaboration agreement with Banque PSA Finance covering 11 European countries. In 2019, SCF signed an agreement with Hyundai Kia in Germany to acquire 51% of its auto financing company, and other with Ford Motor Company to acquire Forso AB (Fords’ financial entity) in the Nordic countries.
Nowadays SCF is focused on keeping its leadership in the car financing business and increasing its other goods financing by enhancing digital channels. As a result, during first half 2020, two deals – among others – were successfully executed: an offer to acquire a majority interest in Sixt Leasing that allows us to increase our leasing activity across Europe; and the creation of a joint company with Telecom Italia Mobile to finance consumption to the 25 million customer base they have in Italy.
Openbank started out in 1995 as Spain’s first telephone based bank. In 1999 it launched the 1st online broker that allowed real-time operation in both domestic and international markets. In 2011 become the first bank with mobile native app for Android and iOS. In 2017 Openbank launched the new digital web-based app and web platform. In 2019 it started an International Expansion, launching its services in Germany, the Netherlands and Portugal.
In 2020, the combination of SCF and Openbank created Santander Digital Consumer Bank, the largest digital consumer bank in Europe.
Strategic priorities
- Secure leadership positions in global digital consumer lending, both auto and non-auto (consumer)
- Continue with the transformation of our operating model in Europe, to defend our best-in-class efficiency through i) single IT platforms, ii) a simpler operational structure, and iii) automation and processes redesign
- Grow by progressing in transformational projects in Europe, with new OEM partnerships and leasing platform in auto
- Reduce sensitivity to interest rate rises by increasing deposit acquisition with focus on profitability
Annual Review 2023
Our Head
José Luis De Mora
Senior executive vice-president of Banco Santander, Global Head of Digital Consumer Bank, CEO of Santander Consumer Finance (SCF) and Group Head of Corporate Development and Financial Planning
No results found
No results found
Non-IFRS and alternative performance measures
In addition to the financial information prepared in accordance with International Financial Reporting Standards (“IFRS”) and derived from our financial statements, the information above contains certain financial measures that may constitute alternative performance measures (“APMs”) as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015 (ESMA/2015/1415en) and other non-IFRS measures (“Non-IFRS Measures”). Such APMs and non-IFRS measures have been calculated using the financial information from Santander Group but are not defined or detailed in the applicable financial reporting framework and have neither been audited nor reviewed by our auditors. While we believe that these APMs and non-IFRS measures are useful in evaluating our business, this information should be considered as supplemental in nature and is not meant as a substitute of IFRS measures. In addition, other companies, including companies in our industry, may calculate or use such measures differently, which reduces their usefulness as comparative measures. For further details of the APMs and Non-IFRS Measures used by Banco Santander, S.A. (Banco Santander), as the parent company of Santander Group, including its definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS, please see the Banco Santander´s most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission, as well as the section “Alternative performance measures” of the annex to Banco Santander´s most recent quarterly Financial Report. These documents are available on Banco Santander’s website (www.santander.com).
The businesses included in each of the Santander Group primary segments and the accounting principles under which their results are presented in such documents may differ from the businesses included and accounting principles applied in the financial information separately prepared and disclosed by its subsidiaries (some of which are publicly listed) which in name or geographical description may seem to correspond to the business areas covered in such Santander Group documentation. Accordingly, the results of operations and trends shown for the Santander Group´s business areas may differ materially from those of such subsidiaries.