Santander has announced that it will merge Openbank and Santander Consumer Finance (SCF) into a single legal entity.

Openbank is Santander’s flagship brand for digital-first consumer banking which has achieved one of the highest net promoter scores (NPS) in its largest market in recent years.

SCF is the largest auto finance leader in Europe by loan volume with over €140 billion in loans across 18 countries.

Santander said that as Openbank and SCF are part of Santander’s Digital Consumer Bank (DCB) global business, integration is a “natural step” in simplifying the business and improving the customer offering.

It added that the merger would help the group ensure that it provides the best service and financing solutions for partners, such as auto manufacturers, dealers or merchants, and their common end customers.

According to the bank, the merger will allow SCF and Openbank customers to access a broader range of products through a simplified digital platform, with a single access point for banking, lending and payment solutions.

Santander plans to gradually operate its European consumer finance businesses under the Openbank brand.

Germany will be the first market to initiate integration, with other markets to follow in the coming months subject to regulatory approval.

Openbank currently operates in Spain, Germany, Portugal and the Netherlands and has launched in the United States and Mexico.

The bank added that Openbank and SCF already support around 16,000 new customers every day with their financing needs across Europe.

Santander says that Openbank and SCF has driven new business through partnering with large retailers such as Apple, Amazon or Vodafone in different European countries.

“Bringing together Openbank and Santander Consumer Finance is an important step in our transformation to build the best open financial services platform,” said Nitin Prabhu, global head of Santander’s Digital Consumer Bank global business. “This combination will strengthen our position in key markets like Germany and across Europe, enabling us to offer customers a broader range of products and a seamless digital and in-branch experience.

“By leveraging Openbank’s advanced technology and Santander’s consumer finance expertise, we’re creating a more efficient and innovative digital-first bank ready for the future.”

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