The Spanish bank is expected to launch a standalone business banking service within months, according to reports.
It appears that Santander will follow in the footsteps of RBS with the launch of a digital bank offering under a separate brand.
Santander set out plans to develop four such digital-only platforms, each with its own CEO, in a strategy update last October. These include Openbank, which has already signed up 1.3m customers in Spain.
The new business banking project will seek to offer a range of services beyond traditional lending, including payroll and pensions products, according to the Telegraph.
Standalone banking brands, owned by incumbents, are becoming increasingly prevalent. Earlier this month, we learned that NatWest would seek to scale its small business lending platform Esme significantly in 2018, after a ‘successful pilot’. In the Netherlands, ABN AMRO has launched a standalone small business lending platform by the name of New10.
More to come on ‘flanker’ brands later this week.
Now in its sixth year, the AltFi London Summit returns on 18th March 2019 to 155 Bishopsgate. Last year proved to be a crucial turning point for the key players building the future of finance. Leading platforms launched oversubscribed IPOs, digital banks proliferated and mainstream financial institutions started their own disruptive propositions. With 2019 certain to be another landmark year, more questions will be asked by regulators with investor interest in disruption also poised for more rapid growth.