Santander US Releases 2022 Prosperity with Purpose Report

Rhea-AI Impact

(Low)

Rhea-AI Sentiment

(Very Positive)

Tags

06/28/2023 - 04:40 PM

Second annual report featuring Santander US commitments and impact across three core pillars: Empowering People and Businesses, Fostering Inclusive Communities, and Supporting the Green Transition

BOSTON--(BUSINESS WIRE)-- Santander Holdings USA, Inc. (“Santander US”) today released the 2022 Prosperity with Purpose Report, its annual Environmental, Social and Governance report detailing current commitments and efforts to help advance sustainability in our communities.

“Sustainability and inclusivity are core to our purpose of helping people and businesses prosper,” said Tim Wennes, Santander US CEO. “Santander Group is a global leader in sustainability practices, and we remain committed to executing our US strategy while providing access to financial education and resources, advancing community development, and helping our customers make the green transition. In addition to our positive impact last year, we will invest $13.6 billion via our new Santander US Community Plan to continue our support of the communities where our customers live and our employees work.”

The company’s 2022 highlights aligned with its key investment pillars:

Empowering People and Businesses: 23,000+ individuals received financial education, $100 million multi-year investment in consumer banking digital transformation strategy, 119,000+ financially empowered people, $995 million in small business financing, and nearly 40% of Santander US jobs filled with internal candidates
Fostering Inclusive Communities: $29+ million in charitable giving, 400+ partner organizations supported, and 39,000+ volunteer hours
Supporting the Green Transition: 100% carbon neutral operations, $2 billion in renewable energy finance underwritten, participant in sustainability-linked transactions totaling $61.3 billion, 59% of electricity from renewable sources, and 100% elimination of single-use plastic where feasible

This year’s report outlines how Santander US supports its customers in their transition to a low-carbon economy and advances Santander Group’s global commitment to achieve net-zero carbon emissions by 2050. In 2022, Santander US issued its inaugural $500 million sustainable bond, which was the first under Santander Group’s Green, Social & Sustainable Funding Global Framework. Through its auto lending business, Santander US provided $888 million in financing for fully electric and plug-in hybrid vehicles, a 27% increase from 2021. As a leader in renewable energy finance, Santander US will invest $9 billion in green finance over the three-year Community Plan.

Santander US continues to invest in underserved communities to advance racial and social equity as illustrated in the report. In 2022, Santander Bank, N.A. increased its grant-making to minority-led nonprofits from 42% to 55% of total grants, and 62% of volunteering occurred in communities of color. The Santander Consumer USA Inc. Foundation also launched a multi-year $50 million initiative to support digital equity and financial inclusion, including a new program in partnership with City Year and Operation HOPE to provide financial literacy training for City Year AmeriCorps members.

The 2022 Santander US ESG Report references the Global Reporting Initiative Universal Standards, Sustainability Accounting Standards Board relevant sector standards, and Task Force on Climate-Related Financial Disclosures framework among other standards.

About Santander US

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 161 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 company of financial companies with approximately 13,700 employees, 4.5 million customers, and $168 billion in assets, as of December 2022. These include Santander Bank, N.A., Santander Consumer USA Holdings Inc., Banco Santander International, Santander Securities LLC, Santander US Capital Markets LLC and several other subsidiaries. Santander US is recognized as a top 10 auto lender, a top 10 multifamily lender, and a top 10 commercial real estate lender, and has a growing wealth management business. For more information about Santander US, please visit www.santanderus.com.