Santander's Operations
One of Santander's main strengths is that it has consolidated its operations allowing the group to have a powerful presence in each of the countries in which it operates. Santander is an integrated bank which manages its businesses locally but has corporate policies to exploit synergies and competitive advantages globally.
In accordance with the International Financial Reporting Standards (IFRS), the Group's business areas are structured into two levels: principal (or geographic) and secondary (or by type of business).
Principal Level
The principal or geographic level is divided into three large areas:
- Continental Europe: This covers all retail banking businesses, asset management and insurance and wholesale banking in Europe except for Abbey. The main units are:
- Santander Network in Spain
- Banesto (Spain)
- Santander Consumer Finance (Europe)
- Santander Totta (Portugal)
- Banif (Private Banking)
- United Kingdom: Including Abbey and largely retail banking.
- Latin America: All the Group's activities are conducted via its affiliated banks and subsidiaries, mainly:
- Brazil
- Mexico
- Chile
- Argentina
- Puerto Rico
- Venezuela
- Colombia
Secondary level
The secondary level, or by type of business, covers three areas and their total activity is equal to that of the three geographic areas:
- Retail Banking
- Asset Management and Insurance
- Global Banking and Markets