Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 116

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 116
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 type of financing. Additionally, during 2024 we have signed several agreements with Multilateral Development Banks in Spain, Chile, Brazil and Poland where these agreements include allocating part of the new portfolio to social finance. An example is the agreement with the IFC in Brazil to issue a social bond allocating funding to small and medium enterprises in underserved regions of Brazil, as well as to microentrepreneurs across the country. ii. Socially responsible investment We continue to improve our offer to clients with investment options that promote ESG factors and/or have sustainable objectives, with the aim of reaching EUR 100 billion of socially responsible investment (SRI) assets under management (AuM) in Wealth Management & Insurance (Wealth) by 2025. This ambition was formally approved at the Wealth ESG forum in 2021. In 2024, Wealth’s SRI AuM grew to EUR 88.8 billion 60 : EUR 63.5 bn in Santander Asset Management and EUR 25.3 bn from third party funds in Private Banking. This growth owes to the integration of sustainability into our investment product and service strategy and the traction generated by EU regulation. We calculate Wealth’s SRI AuM and the metrics related to SAM’s net zero by 2050 ambition every month. We process and store these data in our own repository, and perform monthly variation control and validation. An automated report on these data is sent to the Group’s Sustainability data office every quarter. These data are subject to an annual limited assurance audit prior to disclosure. Wealth defines SRI as the volume of AuM classified under Articles 8 (promoting environment and social characteristics) and 9 (with distinct sustainability objectives) of the SFDR (EU Reg. 2019/2088), except illiquid investment in Private Banking, which we report as committed capital. SRI includes: i) assets that SAM and other Group

58 Credit stock as at 31 December 2024.

59 Credit stock as at 31 December 2024. Data for SMEs and the self-employed covers individual customers with an outstanding loan at 2024 year end

60 Does not include SAM funds distributed by Private Banking to avoid double counting.

Annual report 2024 83

| Contents |     | Business model and strategy |     | Sustainability statement |     | Corporate governance |     | Economic and financial review |     | Riskmanagement and compliance |

asset managers in the EU (and other regions where the SFDR doesn’t apply, using equivalent criteria)