Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 511

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 511
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| Globalizing and transforming our Private Banking, Asset Management and Insurance businesses |     |                                                                                                                                                  |

We aim to transform Wealth businesses leveraging the Group's technology and AI as major enablers, while promoting globalization and simplification to deliver more value to our customers. This should increase Wealth's contribution to the Group while maintaining attractive profitability levels.

To deliver on this ambition, our priorities for 2025 are organized around three growth levers:

• Provide our customers with personalized best-in-class service and investment & protection solutions, leveraging digital and data capabilities to enhance customer experience .

We are increasing our penetration in our footprint and expanding into new markets that are relevant for our business (e.g., Middle East and the US), which should enable us to increase our customer base.

We will continue developing products with significant growth potential, such as alternative investments, life retirement solutions and non-life high-growth businesses, including health and cyber insurance.

• Globalize our service and investment & insurance product factories to better serve local distribution networks with a simplified value proposition and developing common hubs to boost operational leverage .

We also plan to continue leveraging the synergies between our businesses to improve profitability and provide a stable source of capital, while we keep working to reinforce the collaboration with the other global businesses.

• Develop common global platforms to transform how our businesses operate with an increased focus on technology, data and AI, providing a tailored value proposition and service to our clients while we evolve and improve our distribution model, for example, through an embedded and highly contextualized offer or digital platforms for servicing and claims.

Additionally, we will continue to further reinforce our leadership and governance, having recently made a few additions and changes to the board of directors of Santander Insurance Holding.

| Customer experience                                      |     | Operational leverage                                                                              |     | Global platform                                                                                   |
| Providing our customers                                  
 withenhanced value-addedproducts andpersonalizedservices |     | Globalizeour operations and product factories whilesimplifyingour processes and value proposition |     | Develop commondigital platformsto transform our operations, service and distribution capabilities |

Annual report 2024 488

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

| Payments                                                         |     | Our priorities for 2025 are to:                                                           
 →Scale up our global platformof innovative payments and integrated value-added solutions. 
 →Roll out our global payment platformto all our regions and the open market.              
 →Expand our cards