The Banco Santander (S.A)'s Santander Consumer Bank in Canada received an order from the Office of the Superintendent of Financial Institutions to “commence and carry on business” early last month. This development was released to the public on government’s official newspaper over the weekend.
An insider from the bank also confirmed the approval but in-depth details about operating plans for Canada hasn't been unveiled. The approval aligns with Santander's expansion push into Americas.
It's worth noting that Santander has been in Canada for over 10 years since it bought a car finance company called Carfinco Financial Group. In July 2019, it applied to become a Schedule II bank, which means it would be a Canadian branch of a foreign bank.
Santander, legally known as Banco Santander S.A, is a multinational financial services company and largest bank in Spain. The bank was established in 1857, and has grown significantly through acquisition and expansion.
It is one of the largest banks in Europe and has a strong presence in Latin America, North America, and other regions. The bank has been hiring in the US and rolling out a new digital bank in the country as well as in Mexico as it seeks to expand across the region.
Chairwoman Ana Botin said last month that the company’s focus will “continue to be more on the Americas.” The bank offers a wide range of financial products, including retail and commercial banking, investment banking, asset management, and insurance.
Santander’s Canadian subsidiary, based in Edmonton, Alberta, had almost 300 employees and revenue of €76 million ($82 million) in 2024. The company has previously said it will maintain the head office of its new bank in Edmonton.
