Santander wants loyal customers to reduce costs
Santander is stepping up efforts to win the loyalty of the almost 190 million customers it already has around the world, including the 15 million it works with in Spain.
Santander is intensifying efforts to retain loyalty from its nearly 190 million customers worldwide, including 15 million in Spain. The bank's CEO, Héctor Grisi, stated that having a primary relationship with customers leads to increased revenue from product sales and reduces costs. Grisi highlighted the importance of transactional deposits, encouraging customers to keep their money in current accounts.
The bank reported a widening gap in profit contribution between its Spanish unit and its second-largest unit, Brazil, which reached 2,100 million, up from 1,600 million a year ago. Santander claims to be increasing its deposit portfolio and controlling costs in Spain despite growing competition from neobanks and smaller foreign institutions.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
