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.
The UK's oldest and best-loved conference for fintech and alternative finance insiders returns for its sixth iteration at etc.venues. We'll showcase the best of the UK's digital banking, online lending and digital wealth sectors through a series of uniquely in-depth discussions and presentations. Open Banking will be in full flight, just over a year on from its launch, and will be a central theme at the event.