A subsidiary of the Spanish financial services conglomerate received letters patent of incorporation from the Finance Ministry, a notice published in the federal government’s official publication announced in June. Bloomberg first reported the news Thursday. Banco Santander declined to comment. The Office of the Superintendent of Financial Institutions (OSFI) said it cannot comment on specific applications. (The Logic)
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A subsidiary of the Spanish financial services conglomerate received letters patent of incorporation from the Finance Ministry, a notice published in the federal government’s official publication announced in June. Bloomberg first reported the news Thursday. Banco Santander declined to comment. The Office of the Superintendent of Financial Institutions (OSFI) said it cannot comment on specific applications. (The Logic)
Talking point: Santander’s retail and consumer banking operations made €5.7 billion ($8.3 billion) in profit on €29.8 billion in revenue last year, while its digital arm posted €1.9 billion on €12.3 billion in revenue. Its Edmonton-based subsidiary began the process of getting a Canadian banking license in 2019, five years after entering the market by buying a local auto lender. Santander still needs an order from OSFI before it can start acting as a bank.
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