SAN Banco Santander SA

By Adria Calatayud

Banco Santander said it is consolidating its retail-and-commercial and consumer activities in all its markets under two new global businesses, a move aimed at aligning these operations with the model of the rest of the group.

The Spanish bank said late Monday that its retail-and-commercial and consumer operations will be housed under two new global businesses--retail and commercial and digital consumer bank. These new business segments add to the group's payments, corporate-and-investment banking, and wealth management-and-insurance businesses.

Santander said these five areas will become its primary reporting segments from January 2024. Country and region-specific data will become secondary segments in the bank's reporting going forward, it said.

Daniel Barriuso will head Santander's retail-and-commercial business, which combines all its retail and business banking globally, while Jose Luis de Mora will lead the digital consumer bank that houses all the group's consumer-finance activities worldwide, Santander said.

The bank said its financial targets outlined in February remain unchanged.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

September 19, 2023 01:46 ET (05:46 GMT)

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