Santander Bank Raises Its Prime Rate to 8.0%

Rhea-AI Summary

Santander Bank, N.A. announced a prime rate increase from 7.75% to 8.0%, effective March 22, 2023. This decision reflects the bank's ongoing strategies amid changing economic conditions. With $99 billion in assets, Santander Bank is one of the largest retail and commercial banks in the U.S., serving over 2 million customers primarily in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania, and Delaware. It operates as a subsidiary of Banco Santander, S.A., a leading banking group globally.

Positive

• Prime rate increase from 7.75% to 8.0%, potentially enhancing profit margins.

Negative

• Rising borrowing costs could impact customer loan demand.

BOSTON--(BUSINESS WIRE)-- Santander Bank, N.A. announced today it has raised its prime rate from 7.75% to 8.0%, effective March 22, 2023.

Santander Bank, N.A. is one of the country’s largest retail and commercial banks with $99 billion in assets. With its corporate offices in Boston, the Bank’s nearly 9,000 employees and more than 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/20230322005729/en/

Andrew Simonelli

andrew.simonelli@santander.us

Source: Santander Bank, N.A.

FAQ

What is the new prime rate set by Santander Bank?

The new prime rate set by Santander Bank is 8.0%, effective March 22, 2023.

How does the prime rate increase affect Santander's business?

The prime rate increase can enhance profit margins for Santander Bank but may also lead to reduced loan demand.

What are Santander Bank's assets?

Santander Bank has assets totaling $99 billion.

When did Santander Bank raise its prime rate?

Santander Bank raised its prime rate on March 22, 2023.

Who owns Santander Bank?

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