Banco Santander has announced plans to merge Openbank and Santander Consumer Finance (SCF) into a single legal entity, with the aim of consolidating its European consumer finance businesses under the Openbank brand. The integration will start in Germany, which will be the first market to adopt Openbank as the main brand, followed by other European countries.
Both Openbank and SCF are part of Santander’s Digital Consumer Bank global business. According to Banco Santander, this move is intended to simplify operations and improve customer offerings. The group aims to provide enhanced services and financing solutions for partners such as auto manufacturers, dealers, merchants, and their customers.
Openbank is described as Santander’s flagship digital-first consumer banking brand. It operates in Spain, Germany, Portugal, and the Netherlands and has expanded to the United States and Mexico. SCF is recognized as the leading auto finance provider in Europe by loan volume, with operations in 18 countries.
The combined management of Openbank and SCF has led to partnerships with major retailers including Apple, Amazon, and Vodafone across various European markets. With this merger, customers from both brands will have access to a wider range of products through a unified digital platform that provides banking, lending, and payment solutions in one place.
Openbank also offers services such as an automated investment service called Robo Advisor—a broker platform equipped with artificial intelligence tools for delivering target prices for European and US stocks—and has recently introduced a crypto trading service.
The legal entities of Openbank and SCF will be merged in Spain first, pending regulatory approvals. At the same time, Santander will consolidate its Openbank and Santander Consumer Bank businesses in Germany before rolling out rebranding efforts across other European markets.
"Openbank will gradually become the group’s brand for its consumer finance businesses in Europe."
"Santander Consumer Finance and Openbank legal entities will operate under a single consolidated operating platform and legal structure."
"Germany will be the first market to adopt Openbank as the single brand, followed by other markets."
"The merger will simplify the business and give SCF and Openbank customers access to a broader range of products, while further enhancing the service provided to partners."