The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

SCH staff face a new life at Botínopolis

The brainchild of Santander's chairman, Emilio Botín, Santander Group City is set to become Europe's largest corporate headquarters. But not everyone at the bank is happy to embrace a US-style working culture. Jules Stewart reports.

BIGGEST BANK must have Europe’s largest corporate headquarters. So proclaims Emilio Botín-San de Sautuola y García de los Ríos, the 69-year-old chairman of Santander Central Hispano (SCH), and head of the country’s most powerful banking dynasty.

This month the first contingent of SCH employees will move to Santander Group City in Boadilla del Monte, a sprawling state-of-the-art complex covering 150 hectares of scrubland 18km north-west of Madrid. Santander hopes that by June it will have shifted 5,500 people to the new site – the entire Madrid staff apart from branch office employees in the city. The project is Spain’s most costly property venture ever, a total investment of e480 million, which the bank says has been fully financed by the sale of all but two of its 25 Madrid office buildings for e800 million. Santander also expects to save about e21 million a year in rent fees.

 Clearly cost-cutting is a driving force, as was the case with similar moves by European companies such as Bouygues in France and Fiat in Italy. The concept is deeply rooted in the business culture of the US, the country that has always captured Botín’s imagination, where companies such as General Motors and IBM pioneered the shift to out-of-town corporate campuses.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree