Banco Santander planning major overhaul of reporting structure

Banco Santander is consolidating its retail and commercial and consumer activities across all markets under two new global businesses: Retail & Commercial and Digital Consumer Bank. The changes, the company said, align these businesses with Santander’s current, global model in Corporate & Investment Banking, Wealth Management & Insurance and Payments, helping the bank achieve the strategic goals outline at its Investment return on tangible equity to 15%-17%, and achieving double-digit average annual growth in tangible net asset value per share plus dividend per share through the cycle. The group plans to align the way it reports its financial results to this new model from January 2024, as it becomes implemented, with the five global businesses becoming the new primary segments for the group. The group’s financial targets outlined in February remain unchanged.