Banco Santander is to launch what it calls a “global native digital consumer lending business” by combining its digital-only retail offshoot, Openbank, with its consumer finance arm.
Speaking to people close to the project, Euromoney learns that the rationale is to cross sell a wider range of Santander retail products through Openbank to Santander Consumer Finance (SCF)’s 18 million borrowers.
That will help plug Openbank’s technology in to one of Europe’s biggest providers of unsecured consumer loans, and it will help mitigate a funding mismatch in countries where Santander’s wider retail operation is relatively small, such as Germany and Scandinavia.
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