Santander Bank has undertaken a major reorganization of its business to meet the objectives of its strategic plan and simplify its activity. There will be five global areas on which activities in all countries will depend.
The organizational change occurs nine months after the arrival of Héctor Grisi to the position of CEO. In his press conferences to present results, the Mexican manager has insisted on the importance of giving simplicity and homogeneity to the bank.
Retail, commercial and consumer banking businesses in all markets, including those in Spain, the United States and Brazil, will remain under the umbrella of two new global business areas called Retail.
This division will be aligned in an organizational chart with five areas. The retail and commercial businesses will be directed by Daniel Barriuso, while the consumer business will be directed by José Luis de Mora. Both directors are from the house, but have previous experience in large multinationals such as BP, Credit Suisse, Merrill Lynch or ABN Amro.
The third area is Payments, which includes the activity of PagoNxt, led by Javier San Félix, and Global Cards, led by Matías Sánchez. There is a fourth area of investment banking called Corporate
The bank assures that all these movements will help it achieve the strategic objectives set on its last investor day, which includes increasing the number of clients by 40 million by 2025. It also aims to raise the return on capital to rates between 15% and 17%.
The new organizational chart represents “a decisive step to align the operating model of the retail, commercial and consumer banking areas to our strategy,” says the group's president, Ana Botín. “We know that by leveraging our unique combination of global scale and local leadership we better serve customers and grow profitably,” she adds.
Those responsible for each division will define an operating model based on global platforms. At the head of each country there will be country heads. The group will adapt the way of reporting its financial results to the new model in January 2024.
