SAN: Model update

Research evidence excerpt

SAN: Model update

Banco Santander, S.A.

Company description

SAN is a global retail and commercial bank. Emerging market exposure comes mainly from LATAM. In 2025, the bank announced

the acquisition of TSB in the UK, which was followed by the acquisition of Webster Bank in the US in 2026. In recent years, SAN

has been growing its Corporate & Investment banking division. The main countries that SAN operates in are Spain, Brazil, UK, US

& Mexico.

Required disclosures

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subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities

held by a research analyst account.

Conflicts disclosures

The analyst(s) responsible for preparing this research report received compensation that is based upon various factors, including

total revenues of the member companies of RBC Capital Markets and its affiliates, a portion of which are or have been generated

by investment banking activities of the member companies of RBC Capital Markets and its affiliates.

With regard to the MAR investment recommendation requirements in relation to relevant securities, a member company of Royal

Bank of Canada, together with its affiliates, may have a net long or short financial interest in excess of 0.5% of the total issued

share capital of the entities mentioned in the investment recommendation. Information relating to this is available upon request

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