Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 513

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 513
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Annual report 2024 489

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

#### Secondary segments
| Europe |

| Spain |

• Continue to grow and develop our customer base, providing personalized answers to our customers' needs and the best experience, to become their main bank. • Evolve our operating model towards a digital bank with branches, moving forward in the simplification of products and services, digitalization and the elimination of operational processes to focus on value creation.

| United Kingdom |

• Prioritize profitability, through pricing discipline and planned balance sheet optimization, growing through customer engagement and exceptional customer experience. • Continue transforming the bank through simplification and digitalization, in order to improve efficiency and performance.

| Portugal |

• Further our commercial and digital transformation, focusing on excellence in customer experience and satisfaction. • Remain best-in-class in terms of efficiency and profitability, creating value with an appropriate return on capital.

| Poland |

• Accelerate our digital transformation, through increased availability of products and services through digital channels. • Continue to improve customer and employee experience.

|                                                                                                                                                                                   |     | DCB Europe |
| In 2025, our strategic priorities include:                                                                                                                                        
 •Expand our European leadership with strong focus on profitability, through competitive, innovative financing products and solutions.                                             
 •Auto: expand the implementation of the operational leasing platform, digitalize customer journeys, grow partnerships and deliver the best customer experience.                   
 •Consumer lending: continue to expand partnerships through Zinia and transform our consumer lending business.                                                                     
 •Transform our operating model through global platforms, the simplification and the automatization of processes, aiming to become the most cost competitive player in the market. 
 •Reduce sensitivity to interest rates by increasing deposit gathering, optimizing the balance sheet and maintaining a strict capital allocation.                                  |     |            |

Annual report 2024 490

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

| North America |

| US |

• Deliver strategic priorities through disciplined capital allocation, focused on customer-centric growth in businesses that benefit from Santander’s global network or operate at scale locally and where we have deep expertise. • Consumer: leverage Group-developed digital platforms to support profitable growth. • CIB: enhance advisory and investment banking capabilities focused on profitable client relationships and expanding our product and services offering