Santander launches Digital Bank Openbank in Germany

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FILE PHOTO: A woman walks past Santander bank branch in Rio de Janeiro

With Openbank Santander rivals the Berlin app bank N26.


(Photo: Reuters)

Berlin The Spanish Bank Santander is now bringing its digital offer Openbank to Germany after a pilot phase. This year, the online bank, which has so far only been available in Spain, will also be launched in the Netherlands and Portugal, the company announced on Wednesday in Berlin.

Santander expects the internationalization of its online offering to double its clientele to around two million. Currently, Openbank counts more than 1.2 million customers in Spain and has deposits of 10 billion US dollars, said Openbank CEO Erze Szafir Holcman in Berlin. 38 percent of customers used Openbank as the main bank.

The major Spanish bank Santander is considered to be the most valuable bank in the Eurozone with a market capitalization of around 70 billion euros. In this country, the company moves with Openbank in direct competition with the Berlin App Bank N26, which offers since January 2015, the account management via the smartphone.

Unlike a fintech start-up, however, Santander Group brings together "the best of both banking worlds," a tech start-up and a traditional banking house, said Ana Botin, chairman of Banco Santander.

More: Deutsche Bank launches digital bank "Fyrst" and makes Fintechs competition.

Finance briefing

(t) Tagander (t) Bank (t) Onlinebanking (t) Openbank (t) N26 (t) Formation (t) Digitalisation (t) Mergers & Acquisitions M & A (t) Deutsche Bank (t) Banks & Credit Institutions ( t) Fintech (t) Electronic banking (t) Foreign banking

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