🔝Banco Santander🇪🇸 secures license in Canada🇨🇦, but its real target is the U.S.🇺🇸

🔝Banco Santander🇪🇸 secures license in Canada🇨🇦, but its real target is the U.S.🇺🇸
The license grants Schedule II status, allowing the bank to accept deposits, offer credit, manage assets, and issue credit cards. Currently, 15 banks hold this status in Canada.

➡️ Santander has been present in Canada for over 10 years, though with limited capacity. In 2024, its Canadian branch earned $82 million USD.

➡️ The license was granted just weeks after Trump remarked that U.S. banks should avoid doing business in Canada. However, since no specific restrictions were announced, the situation remained unchanged. Despite the political tension, the OSFI website lists around 10 U.S. banks currently operating in Canada, 3 of which hold the same type of license as Santander.

➡️ Regional strategy: Despite political tensions, operating from Canada gives Spanish banks easier access to expand into both the U.S. and Mexico🇲🇽, where they’re already developing digital banking projects. In fact, in mid-March, Santander formed a partnership with U.S. telecom giant Verizon to boost Openbank deposit activity.

#news #Europe #USA #geopolitics

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