Company: BCDRF
Filing Date: 2025-10-29
Form Type: 6-K
Source: 0000891478-25-000132
Chunk: 54

Company: Banco Santander, S.A.
Filing Date: 2025-10-29
Form: 6-K
Chunk 54
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. We continue to focus on the following strategic initiatives: • In Private Banking (PB) , we continued to consolidate our global position during the quarter, by reinforcing our value proposition through greater specialization. We also remain focused on accelerating the transition to a fee-based model, driving sustainable growth and greater client alignment. In Q3 2025, we continued to progress inBeyond Wealth, our new Global Family Office service, which has further consolidated its brand recognition and client adoption with two major milestones: launch and initial team set up in Spain, having already onboarded our first clients, and the launch of the first phase in the US, integrating it as an additional advisory platform within our value proposition. We are also making progress in adopting AI, which has, for example, helped us to deliver market reports in half the time. This enabled us to reduce time-to-market and broaden multilingual distribution. Additionally, in this quarter we launched Active Advisory in Spain, a specialized team that provides expert advice and access to financial markets, enhancing our advisory offering and fee-based services.

| Private Banking clients |
| Thousands               |

• In Santander Asset Management (SAM) , we operate as a global asset manager leveraging our scale, global investment capabilities and product distribution hubs. We continue on our journey to become a leaner, more scalable and digital organization, delivering sustained volumes growth. We have advanced in

globalizing the investment function, simplification of legal structures and product range optimization. We reinforced distribution and investment capabilities in Alternatives, with strategic hires and tailored product offerings. As a result, we are attracting strong interest from Latin American and European institutional investors and family offices. This transformation is backed by our efforts to redesign procedures and actively integrate the use of AI. We have made strategic hires to boost digital sales, enabling us to deliver a best-in-class customer experience. At the same time, a dedicated process reengineering team is accelerating automation using AI to drive tangible productivity gains. • In Insurance , our bancassurance operation is present in more than 20 countries through the Group's global businesses. We are accelerating the execution of our strategy and transformation plans around two verticals, Life & Pensions and Property & Casualty, to deliver more value to our customers: • In Life & Pensions, we are developing a new retirement business line, offering an integrated value proposition focused on both savings and retirement income products, along with other services. This quarter, we launched a new life product for senior customers in Brazil and, a new annuities product for the private banking and