Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 507

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 507
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 the exception of some jurisdictions such as the EU, which continues to design the digital euro. By the end of 2025, the ECB will have to decide whether to continue with the development of the digital euro, which depends upon a regulatory framework that remains under discussion since 2023. Focus will remain on the implementation of the Digital Markets Act (DMA) whose objective is to regulate competition in digital markets.

Retail banking

Access to capital markets and consumer protection will continue to be a priority in the EU's agenda, in line with projects such as the SIU and the Retail Investment Strategy (RIS). The transposition of the new directive regarding consumer credit should also occur in 2025.

Annual report 2024 484

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

These are the main management priorities for 2025 in our Global Business segments and countries:

| Retail                                                                     |     | Retail & Commercial Banking's top priorities for 2025 are to:                                                                                                      
 →Continue ourtransformation journeytowards our vision of becoming a digital bank with branches underpinned by a common operating model and a global tech platform. 
 →Adapt ourbusiness modeltowards value creation through stronger customer relationships and network effects.                                                        
 →Strengthenstructural efficiencyon the back of the transformation of our operating and business models to drive cost-to-serve efficiencies.                        |
| Retail & Commercial Banking                                                |     |                                                                                                                                                                    |
| A global business integrating our retail and commercial banking activities |     |                                                                                                                                                                    |

Our vision for 2025 is to continue working on the transformation of our operating model, to become a digital bank with branches, powered by the Group's network, with all of our products and services available to our customers on our websites and applications, and with the branch network serving as a powerful sales and advisory channel.

This vision is underpinned by Retail's common operating model, which leverages our global scale and local presence, and takes advantage of best practices across the Group. The operating model is centred around three strategic pillars: i) customer experience; ii) operational leverage; and iii) global technology platform.

Our transformation efforts in 2024 resulted in increased customer growth and efficiency. In 2025, we will continue to focus on our transformation journey building on our three strategic pillars:

• Customer experience. Provide our customers with the best products and experiences and make them available through improved