Santander Bank Raises Its Prime Rate to 6.25%

Rhea-AI Summary

Santander Bank, N.A. has increased its prime rate from 5.50% to 6.25%, effective September 21, 2022. The bank is a major player in retail and commercial banking, boasting $102 billion in assets and nearly 8,600 employees serving almost 2 million customers across multiple states including Massachusetts, New Hampshire, and New York. As a wholly-owned subsidiary of Banco Santander, S.A. (NYSE: SAN), the bank operates under the oversight of Santander Holdings USA, Inc.

Positive

• Prime rate increase can potentially enhance profit margins for Santander Bank.
• Strong asset base of $102 billion may indicate financial stability.

Negative

• Increased borrowing costs due to higher prime rate could deter customers from taking loans.

BOSTON--(BUSINESS WIRE)-- Santander Bank, N.A. announced today it has raised its prime rate from 5.50% to 6.25%, effective September 21, 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 157 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/20220922005578/en/

MEDIA:

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 has raised its prime rate to 6.25% effective September 21, 2022.

When did Santander Bank increase its prime rate?

The prime rate was raised on September 21, 2022.

What is the asset size of Santander Bank?

Santander Bank has $102 billion in assets.

What is the parent company of 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.