Santander US Announces $5.2 million in Giving and Initiatives Supporting Social Equity

Rhea-AI Summary

Santander US has announced a total of $5.2 million in initiatives aimed at promoting social equity and justice. The near-term actions include $200,000 in donations to non-profits supporting racial equity, along with the launch of Santander Voices, a platform for employee engagement. Long-term commitments consist of $3 million for Community Development Financial Institutions and additional funding for small business support and leadership training. CEO Tim Wennes emphasized the importance of listening to Black colleagues and engaging with communities to combat systemic racism.

Positive

• Total commitment of $5.2 million towards social equity initiatives.
• Immediate funding of $200,000 to non-profits focused on social justice.
• Long-term investments including $3 million for community development and small business support.

Negative

• None.

BOSTON, July 2, 2020 /PRNewswire/ -- Santander US announced today steps it is taking to redouble its commitment to racial equity and justice. These latest actions support Santander's commitment to social equity across its businesses and in the communities it serves. The initiatives include both immediate and longer-term programs. Among them:

Near-term Initiatives and Giving

• $200,000 will be given to non-profits focused on social justice and racial equity, including $100,000 to the Equal Justice Initiative
• Establishing Santander Voices, a user-generated video platform that allows employees to respond to a prompt or answer a question about racism, describe how they are feeling about social equity issues right now and what they plan to do to turn energy into action
• Promoting new programs hosted by Santander's Black Employee Network, including a series of panel discussions around topics such as the significance of Juneteenth, and ways US businesses and the nation can take meaningful steps toward social equity

Long-term Investments

• $3 million over three years for Santander Bank's (SBNA's) Community Development Financial Institutions (CDFIs) Grant Initiative, which is focused on advancing diverse small businesses, as well as addressing the lack of capital, resource and technical assistance investment within communities of color
• $1 million over two years to expand Santander Bank's Cultivate Small Business program, which provides curriculum, mentors and micro-grants to food industry and small business entrepreneurs, with a focus on owners of color
• $1 million over two years for diverse leadership training, and racial and social equity initiatives

"The actions we are announcing today are part of the ongoing work that Santander is doing to help make our country, our communities and our company places where equality and justice prevail," said Tim Wennes, Santander US CEO. "This starts with listening to our Black colleagues and hearing their perspectives, engaging in meaningful conversations with community leaders about racial inequality and how to help eradicate it, and providing financial support to organizations dedicated to bringing about real change for people of color."

In addition to its financial commitments, Santander will encourage employees to volunteer and donate to nonprofit organizations dedicated to social equity and the empowerment of Black and underserved people and communities. Employees can take advantage of Santander's Volunteer Paid Time off program to volunteer virtually or in person, and Santander Bank employees can utilize SBNA's matching gift program to help their charitable contributions make an even greater impact. Santander will also continue the important work of assessing the feedback around inclusion and equal opportunity from employee focus groups, and promoting its already established diversity training and resources, which are widely available to all employees.

Santander US' review of its businesses, people, philanthropic and community investment practices to ensure alignment with its social equity goals is ongoing. We stand with our colleagues, customers and communities in the fight for social justice and the eradication of systemic racism in our communities and places of work.

Santander Holdings USA, Inc. (SHUSA) is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN) (Santander), a global banking group with more than 145 million customers in the U.S., Europe and Latin America. As the intermediate holding company for Santander's U.S. businesses, SHUSA is the parent organization of six financial companies with approximately 17,000 employees, 5.2 million customers and assets of approximately $150 billion as of March 31, 2020. These include Santander Bank, N.A., Santander Consumer USA Holdings Inc. (NYSE: SC), Banco Santander International of Miami, Banco Santander Puerto Rico, Santander Securities LLC of Boston, Santander Investment Securities Inc. of New York, and several other subsidiaries.

Media Contacts:       

Laurie Kight
Santander US
214-801-6455 
laurie.kight@santander.us

Investor Relations:

Evan Black
Santander US Investor Relations
800-493-8219
InvestorRelations@santanderconsumerusa.com

 

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SOURCE Santander Holdings USA, Inc.

FAQ

What initiatives has Santander US launched for racial equity?

Santander US has announced initiatives totaling $5.2 million to promote racial equity, including donations and employee engagement programs.

How much did Santander donate to the Equal Justice Initiative?

Santander has donated $100,000 to the Equal Justice Initiative as part of its commitment to social justice.

What is the purpose of the Santander Voices platform?

The Santander Voices platform is designed for employees to share their thoughts on racism and social equity, fostering dialogue within the company.

How much funding is allocated for small business support by Santander?

Santander is allocating $1 million over two years to expand its Cultivate Small Business program that supports entrepreneurs from diverse backgrounds.