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Santander Bank has increased its prime rate from 3.50% to 4.00%, effective May 4, 2022. This adjustment reflects the bank's strategic decision amid current economic conditions. With total assets of $102 billion, Santander Bank serves nearly 2 million customers across several states, including Massachusetts, New Hampshire, and New York. The bank is a subsidiary of Banco Santander, S.A., which has a global customer base of 155 million.
Positive
Increase in prime rate from 3.50% to 4.00% may enhance net interest margin for the bank.
Strong asset base of $102 billion reflects financial stability.
Negative
None.
BOSTON--(BUSINESS WIRE)--
Santander Bank announced today it has raised its prime rate from 3.50% to 4.00%, effective May 4, 2022.
Santander Bank, N.A. is one of the country’s largest retail and commercial banks with $102 billion in assets. With its corporate offices in Boston, the Bank’s nearly 8,600 employees and nearly 2 million customers are principally located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania and Delaware. The Bank is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN) - one of the most respected banking groups in the world with 155 million customers in the U.S., Europe, and Latin America. It is overseen by Santander Holdings USA, Inc., Banco Santander’s intermediate holding company in the U.S. For more information on Santander Bank, please visit www.santanderbank.com.
