Santander Bank Raises Its Prime Rate to 7.75%

Rhea-AI Summary

Santander Bank, N.A. has increased its prime rate from 7.50% to 7.75%, effective February 1, 2023. This change reflects the bank's position as one of the largest retail and commercial banks in the U.S., managing $102 billion in assets. With about 8,600 employees and nearly 2 million customers spanning across multiple states, Santander is a wholly-owned subsidiary of Banco Santander, S.A. (NYSE: SAN), which serves approximately 160 million customers globally. The rate hike may influence lending and borrowing costs for customers.

Positive

• Prime rate increased from 7.50% to 7.75%, indicating potential for higher interest income.
• Strong asset base of $102 billion positions the bank favorably for future growth.

Negative

• None.

BOSTON--(BUSINESS WIRE)-- Santander Bank, N.A. announced today it has raised its prime rate from 7.50% to 7.75%, effective February 1, 2023.

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 160 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/20230202005819/en/

Andrew Simonelli

andrew.simonelli@santander.us

Source: Santander Bank, N.A.

FAQ

What is the new prime rate for Santander Bank effective February 1, 2023?

The new prime rate for Santander Bank is 7.75%, effective February 1, 2023.

How much in assets does Santander Bank manage?

Santander Bank manages $102 billion in assets.

Which company owns Santander Bank?

Santander Bank is a wholly-owned subsidiary of Banco Santander, S.A.

What is the stock symbol for Banco Santander?

The stock symbol for Banco Santander is SAN.

How many customers does Banco Santander serve globally?

Banco Santander serves approximately 160 million customers globally.