Santander Bank Raises Its Prime Rate to 5.50%

Rhea-AI Summary

Santander Bank, N.A has announced an increase in its prime rate from 4.75% to 5.50%, effective July 27, 2022. With total assets of $102 billion, Santander is a major player in the banking sector, serving nearly 2 million customers through a workforce of 8,600 employees across several states including Massachusetts, New York, and Pennsylvania. The bank is a subsidiary of Banco Santander, S.A. (NYSE: SAN), which operates on a global scale, catering to 155 million customers worldwide.

Positive

• Increase in prime rate from 4.75% to 5.50%, potentially boosting interest income.
• Strong asset base of $102 billion, indicating financial stability.

Negative

• None.

BOSTON--(BUSINESS WIRE)-- Santander Bank, N.A. announced today it has raised its prime rate from 4.75% to 5.50%, effective July 27, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220727006119/en/

Andrew Simonelli

andrew.simonelli@santander.us



Nancy Orlando

nancy.orlando@santander.us

Source: Santander Bank, N.A.

FAQ

What is the new prime rate for Santander Bank?

Santander Bank's new prime rate is 5.50%, effective July 27, 2022.

How much are Santander Bank's assets?

Santander Bank has assets totaling $102 billion.

When was the prime rate raised by Santander Bank?

The prime rate was raised by Santander Bank on July 27, 2022.

Who owns Santander Bank?

Santander Bank is a wholly-owned subsidiary of Banco Santander, S.A. (NYSE: SAN).

How many customers does Santander Bank serve?

Santander Bank serves nearly 2 million customers.