Santander secures banking licence in Canada

Spanish lender Banco Santander has received a banking licence successful Canada, marking a measurement successful its strategy to grow operations crossed the Americas.

The Office of the Superintendent of Financial Institutions (OSFI), Canada’s banking regulator, issued an bid past period allowing Santander Consumer Bank to "commence and transportation connected business," arsenic reported successful a caller authorities publication, reported Bloomberg.

A spokesperson for Santander confirmed the acquisition of the Canadian banking licence but did not supply further details regarding aboriginal plans successful the country.

The Spanish slope has been actively hiring successful the US and has launched a integer banking work successful some the US and Mexico arsenic portion of its determination maturation strategy.

Chairwoman Ana Botin stated past period that the company's accent volition "continue to beryllium much connected the Americas."

Santander has maintained a beingness successful Canada for implicit 10 years, having acquired the car-financing steadfast Carfinco Financial Group.

The slope applied successful July 2019 to go a Schedule II bank, which allows overseas banks to run arsenic Canadian subsidiaries.

These subsidiaries tin prosecute successful the aforesaid banking activities arsenic home banks, specified arsenic accepting deposits, issuing loans, providing wealthiness absorption services, and offering recognition cards.

Last year, Canada’s Minister of Finance issued letters patent to incorporated Santander Consumer Bank arsenic a federally regulated fiscal institution, with OSFI support being the last requirement.

The Canadian subsidiary, located successful Edmonton, Alberta, employs astir 300 unit and reported gross of €76m ($82m) successful 2024.

Santander has antecedently stated that it volition clasp the caput bureau of its caller slope successful Edmonton.

In February this year, Banco Santander denied reports of a imaginable merchantability of its UK retail concern pursuing claims of discussions with NatWest.

"Santander secures banking licence successful Canada" was primitively created and published by Retail Banker International, a GlobalData owned brand.

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