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Openbank by Santander Reaches 100,000 Customers in the United States, Well-Positioned for Continued Growth in 2025

1. Openbank surpassed 100,000 customers in its first six months. 2. The platform supports Santander's strategy for lower-cost deposits. 3. Expansion of product offerings is planned, including CDs and checking accounts. 4. Retail bank transformation efforts have improved customer satisfaction and deposits. 5. 69% of Americans lack higher-yield accounts, signaling a market opportunity.

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Why Bullish?

The rapid customer acquisition and growth plans enhance SAN's market position, similar to past successful expansions.

How important is it?

The article details key milestones impacting SAN's growth trajectory and operational strategy.

Why Long Term?

The strategic enhancements and market opportunities will manifest in sustained growth over the next few years.

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SAN
BOSTON--(BUSINESS WIRE)--Santander Bank N.A. (“Santander Bank” or “the Bank”) today announced that the recently launched Openbank by Santander digital platform in the United States has surpassed 100,000 customers within its first six months of operation, exceeding expectations. This achievement is a significant milestone in advancing the Santander US business strategy to generate lower-cost, national deposits to position its Retail Bank for further success and fuel its leading Auto lending franchise in 2025. "Reaching this milestone at record pace is a testament to our customer-obsessed mindset, commitment to innovation, and global connectivity," said Swati Bhatia, Head of Retail Banking & Transformation for Santander Bank and CEO of Openbank in the United States. "We have proven we can provide U.S. consumers with the smooth online experience of a FinTech and the strength and stability of a global bank powerhouse." The Retail Bank remains a priority for Santander’s U.S. growth strategy, with the goal of becoming a national, digital bank with branches. In 2025, the Bank will continue executing against two strategic pillars to achieve its ambition: Expanding Openbank’s Offerings: Building from the successful launch of our High Yield Savings account, Openbank will begin offering new products, such as Certificates of Deposit (CDs), Payments and Checking Accounts, in 2025 and beyond. Enhancing our bank branches The Bank’s transformation efforts were well received, as demonstrated by increasing Net Promoter Scores, industry rankings and retail deposit growth. This year, Santander’s branch network will continue to explore new formats and locations to provide simple, personalized in-person experiences. According to Santander Bank’s Growing Personal Savings (GPS) research conducted in Q4 2024, 7 in 10 (69%) Americans do not have a higher-yielding savings account, but more than 1 in 5 moved money to a higher rate account recently. This increased movement into high-yield savings accounts positions Openbank uniquely to continue growing its customer base. Openbank in the U.S. is a division of Santander Bank, N.A., which is a Member of the FDIC. For more information about Openbank by Santander, including eligibility and how to open an account, please visit openbank.us. About Santander Bank, N.A. Santander Bank, N.A. is one of the country’s leading retail and commercial banks, with $102 billion in assets as of December 31, 2024. With its corporate offices in Boston, the Bank’s more than 4,400 employees and more than 1.8 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), recognized as one of the world’s most admired companies by Fortune Magazine in 2025, with approximately 175 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. Openbank in the United States is a division of Santander Bank, N.A., which is a Member of the FDIC and a wholly owned subsidiary of Banco Santander, S.A. © 2025 Santander Bank, N.A. All rights reserved. Santander, Santander Bank, Openbank, the Flame Logo are trademarks of Banco Santander, S.A. or its subsidiaries in the United States or other countries. All other trademarks are the property of their respective owners. For more information on Openbank in the United States, please visit www.openbank.us. More News From Santander Bank N.A.

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