Santander lanza 'Project Unity' para lograr beneficios extra en EEUU

Santander has made United States its primary market, not just due to the acquisition of Webster, but also because of a strategy called Project Unity. The bank aims to increase efficiency and profitability through collaborative work among all its units in the US. This internal plan is expected to generate an additional $150 million (135 million euros) in annual benefits.

With operations spanning from retail banking to investment banking, Santander has a strong presence in the US, with Openbank scaling up its retail and consumer banking and the acquisition of Webster further strengthening its corporate business. The new strategy seeks to integrate all its US holdings into a unified machine that maximizes efficiency, uses joint platforms, standardizes technologies, lowers costs, and enhances performance.

The bank estimates cost synergies from integrating Webster at $800 million, which are separate from the benefits it aims to achieve through Project Unity. Webster's $10 billion liquidity and integration are expected to boost profitability and reduce financing costs, further aiding in Santander's goal of achieving an 18% return on tangible equity (ROTE) in the US by 2028, surpassing its current 13.2% ROTE.

The US market remains a challenge for Santander, whose ROTE is lower than the group average. The bank's strategy includes improving profitability from routine activities, generating synergies from Webster, and benefiting from more effective integration of US businesses, along with the favorable current interest rate environment.