Santander Bank Raises Its Prime Rate to 7.50%

Rhea-AI Summary

Santander Bank, N.A. announced a prime rate increase from 7.00% to 7.50%, effective December 14, 2022. As one of the largest retail and commercial banks in the U.S., Santander Bank manages assets totaling $102 billion and serves nearly 2 million customers across multiple states including Massachusetts, New Hampshire, and New York. The bank operates as a wholly-owned subsidiary of Banco Santander, S.A. (NYSE: SAN), which has a global customer base of 159 million.

Positive

• Prime rate increase to 7.50% may enhance interest income for the bank.
• Santander Bank holds substantial assets of $102 billion, positioning it well in the market.

Negative

• None.

BOSTON--(BUSINESS WIRE)-- Santander Bank, N.A. announced today it has raised its prime rate from 7.00% to 7.50%, effective December 14, 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 159 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/20221214006017/en/

MEDIA:

Andrew Simonelli

andrew.simonelli@santander.us

Nancy Orlando

nancy.orlando@santander.us

Source: Santander Bank, N.A.

FAQ

What is Santander Bank's new prime rate?

Santander Bank has raised its prime rate to 7.50%, effective December 14, 2022.

How does Santander Bank's prime rate impact its customers?

The increase in prime rate may lead to higher interest rates for loans and credit lines for customers.

What are Santander Bank's total assets?

Santander Bank has total assets of approximately $102 billion.

Who owns Santander Bank?

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