Banco Santander Launches Version of Botin's Signature Checking Account
04 November 2015 - 3:53AM
Dow Jones News
By Jeannette Neumann
MADRID--Banco Santander SA (SAN, SAN.MC) has launched a version
of Ana BotÃn's signature checking account aimed at small and
medium-sized Spanish businesses as the eurozone's largest lender
seeks to gain a bigger share of its home market.
Santander said the 1|2|3 account offers Spanish businesses
returns on social security, payroll, tax and other payments made
from the checking account. The business must have quarterly revenue
greater than 9,000 euros ($9,900), and meet other conditions to
receive the returns.
The account, Santander said in a statement on Tuesday, is based
on the one the bank launched for individuals in May, which has set
off a scramble among Spanish competitors worried about keeping
their customers.
The launch of a similar account for businesses shows Santander
is doubling down on its bid to grow market share in Spain amid
low-interest rates and sluggish growth in loan volumes that are
hampering Spanish banks profitability even as the country's economy
recovers.
Santander executives have said the 1|2|3 account is a long-term
strategy to bring in new clients and try to sell them more
products, which will help the bank boost profitability.
Some analysts say the account is a good deal for clients given
the potential returns, but an expensive bid by Santander. The
checking account is available for individuals who were already
banking with Santander regardless of the new offer.
The 1|2|3 account for businesses is also available for existing
clients.
Write to Jeannette Neumann at jeannette.neumann@wsj.com
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(END) Dow Jones Newswires
November 03, 2015 11:38 ET (16:38 GMT)
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