Banco Santander Nears Deal To Provide Consumer Loans For Amazon Shoppers In Europe: Report - Banco Santan

Benzinga

2024-06-21 15:13

Spanish banking giant Banco Santander is close to an agreement with Amazon.com to offer financing options for European shoppers. Expected to debut in Germany, the deal will help Santander enhance its digital consumer finance operations, which accounted for 10% of its revenue in 2023.

　　Spanish financial services provider Banco Santander SASAN is reportedly nearing an agreement with Amazon.com Inc. AMZN to offer financing options for European buyers on the e-commerce platform.

　　The deal, which is in advanced negotiations, is expected to launch in Germany first and then expand across Europe, according to a report from Bloomberg.

　　Santander aims to enhance its digital consumer finance business, which contributed around 10% to its group revenue last year.

　　Santander‘s key strategy involves securing flagship deals with major tech companies, according to the bank’s recent annual report.

　　The partnership with Amazon will allow consumers to opt for loans when making online purchases, thus facilitating higher sales for both entities.

　　Also Read: Amazon Labor Union Partners With Teamsters To Boost Bargaining Power: Report

　　Last week, Santander announced a similar deal with Apple Inc. AAPL to provide consumer financing for Apple products in Germany.

　　The Amazon collaboration is anticipated to generate more revenue compared to the Apple agreement, per the report.

　　Price Action: SAN shares are trading lower by 2.75% at $4.60 in premarket at last check Friday.

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