Breaking News

Santander Bank, N.A. announced it has raised its prime rate from 7.00% to 7.50%, effective December 14, 2022.

The U.K.'s FCA has fined Santander UK Plc GBP 107,793,300 after it found serious and persistent gaps in its anti-money laundering controls, affecting its Business Banking customers. Between 31 December 2012 and 18 October 2017, Santander failed to properly oversee and manage its AML systems, which significantly impacted the account oversight of more than 560,000 business customers, the FCA said in a statement. Santander had ineffective systems to adequately verify the information provided by customers about the business they would be doing. The firm also failed to properly monitor the money customers had told them would be going through their accounts compared with what actually was being deposited. Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said: "Santander's poor management of their anti-money laundering systems and their inadequate attempts to address the problems created a prolonged and severe risk of money laundering and financial crime." Reference Link

Stellantis (STLA) and Banco Santander (SAN) have agreed to reorganize their automotive financing partnership in Brazil. The contract signed with Banco Santander Brasil S.A. includes: the purchase by Banque PSA Finance S.A. of 50% of the shares in Banco PSA Finance Brasil S.A., a joint venture which was held 50/50 by a subsidiary of Banco Santander Brasil and Banque PSA Finance S.A. The purchase by Stellantis Services of 50% of the shares in PSA Corretora de Seguros e Services Ltd, a joint venture held 50/50 by Banco Santander Brasil and Stellantis Services. The completion of the transactions will be subject to the fulfillment of certain suspensive conditions usual in similar transactions, including obtaining the relevant regulatory authorizations. Upon completion, Banque PSA S.A. will become the sole shareholder of Banco PSA Finance Brasil and Stellantis Services will be the sole shareholder of PSA Corretora.

NCR Corporation (NCR) announced that Santander UK (SAN) has expanded its long-standing partnership with NCR, selecting NCR ATM as a Service to transform, connect and run its self-service network of more than 1,700 ATMs across the United Kingdom. With NCR ATM as a Service, the bank is shifting the operational management of its self-service channel, including software, transaction processing, cash management, ATM monitoring, help desk, hardware maintenance and more to NCR.