Business · Companies · 14 hrs ago
Santander CEO backs traditional banks as digital rivals expand
Santander CEO Héctor Grisi says traditional banks can compete with neobanks by combining digital services with physical branches.
Neobanks are digital-only financial firms, and Grisi said they have grown aggressively but offer fewer products than large banks.
Digital rivals are gaining market share in Brazil and Mexico, where competition is strong in savings and loans.
In Spain, neobank Monzo began operating on Wednesday with deposits paying 4% interest.
Santander plans to improve its digital services while using its branch network to compete for customers.
Grisi said the bank’s goals remain on track despite political and economic uncertainty in some markets.
Santander is still offering €1.9 billion for the 10% of its Brazilian unit it does not own, and expects full-year profit of €15 billion.
Santander CEO Héctor Grisi defended the traditional bank model as digital rivals expand, saying Santander combines competitive digital services with physical infrastructure.
He said neobanks have grown aggressively, particularly in Brazil and Mexico, but do not offer as broad a range of products as large banks.
Grisi described Spain’s business activity and customer growth as positive.
He said Santander’s targets were not at risk from elections or macroeconomic conditions in the countries where it operates.
The bank is continuing with an offer to acquire the 10% of its Brazilian subsidiary it does not already own for €1.9 billion.
- Who
- Santander CEO Héctor Grisi discussed the bank’s competitive position and plans.
- What
- Grisi backed traditional banks’ combination of digital services and physical infrastructure as neobanks expand.
- When
- October 28, 2026. The article also says Monzo began operating in Spain on Wednesday.
- Where
- The comments concerned Santander’s markets, including Brazil, Mexico and Spain.
- Why
- Grisi said traditional banks offer a broader range of products, while Santander is improving its digital services.
This story does not have two clearly opposing sides.
Santander shares fell after the unexpected victory of the left in Brazil’s election.
Monzo began operating in Spain with a deposit offer paying 4% interest.
- CEO
- Héctor Grisi
- Brazil subsidiary stake on offer
- 10%
- Offer value
- €1.9 billion
- Monzo deposit offer in Spain
- 4% interest
- Santander expected profit for the year
- €15 billion
What people are saying
We are focused on combining much more competitive digital solutions, at the level of the best in the market, with our physical infrastructure.
They do not have the quantity and breadth of products of the big banks.
We do not see any situation in any of the countries where we operate that could prevent us from achieving our result.