Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 803

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 803
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 integrated in each segment and that provided by management information systems. The same general principles as those used in Grupo Santander are applied. On September 18, 2023, Grupo Santander announced a change in the reportable segments to align the disclosed financial information to the new report structure, from the first 2024 three months period onwards. The main changes, which have been applied to management information for all periods included in the annual accounts, relate to the following: 1. The totality of the Bank's businesses in every market has been consolidated into five global areas: Retail & Commercial Bank, Digital Consumer Bank, Corporate & Investment Banking, Wealth Management & Insurance and Payments, which became the new primary segments. 2. The changes made in financial information are as follows: a. The former Retail Banking is divided into the new Retail & Commercial Banking and Digital Consumer Bank segments, while the country-based card business becomes part of the new Payments segment. b. The results of activities primarily related to financial management, which are located in the countries, are fully allocated to the global business based on the segment generating the financial position in each unit. c. Local corporate centres are allocated to the different global businesses. d. The criteria for the distribution of revenues among the global businesses have been revised to better reflect the contribution of each of them to the Group.

3. The former core segments (Europe, North America, South America and Digital Consumer Bank, which is now called DCB Europe) became the new secondary segments. The published financial information for 2023 and 2022 regarding the regions, countries and Corporate Centre remain unchanged. Grupo Santander recasted the corresponding information of earlier periods considering the changes included in this section to facilitate a homogeneous comparison. The above-mentioned changes have no impact on the Group’s reported consolidated financial statements.

a) Primary segments This primary level of segmentation, which is based on the Group’s management structure, comprises sixreportable segments: fiveoperating areas plus the Corporate Centre. The operating areas are: • Retail & Commercial Banking (Retail): new area that integrates the retail banking business (individuals) and commercial banking (SMEs and corporates), except for business originated in the consumer finance and the cards businesses. • Digital Consumer Bank (Consumer): comprises all business originated in the consumer finance companies, plus Openbank, Open Digital Services (ODS) and SBNA Consumer. • Corporate & Investment Banking (CIB): this business, which includes Global Transactional Banking, Global Banking (Global Debt Finance and