Santander’s Openbank launches in the US
Spanish banking giant Santander has officially launched its digital banking subsidiary, Openbank, in the US.
Santander officially launches Openbank in the US
The move, which was first announced back in April, marks Santander’s first nationwide offering for individual consumers in the US, expanding its reach beyond its branch network in the country’s Northeast.
Santander says Openbank will initially offer US customers “a competitive high yield savings product”, with further products set to be rolled out through 2025 as the bank looks to provide a “full banking service in the US”.
With €18.5 billion in deposits, Openbank claims to be the largest fully digital bank in Europe, operating in Spain, Portugal, Germany, and the Netherlands.
In February, the banking group named former ING executive Petri Nikkilä as the new CEO of Openbank, tasking him with driving the digital business’ international expansion.
Looking ahead, Santander anticipates that the launch of Openbank will enhance its “US execution” strategy, as it aims to generate enough deposits to support the growth of its auto financing franchise.
Serving 168 million individuals and businesses across Europe and the Americas and managing $1.3 trillion in deposits, Santander is positioned as one of the world’s largest banks by customer numbers and by assets managed.
