Santander Appoints PayPal Veteran Nitin Prabhu to Head Digital Consumer Bank

Key Appointments and Leadership - Banco Santander has appointed Nitin Prabhu as the global head of Digital Consumer Bank (DCB), responsible for the auto and consumer business globally, including Openbank [1] - Prabhu brings over 12 years of experience at PayPal, most recently as head of product for small- to medium-sized businesses (SMBs) and financial services [2] - Prabhu has a background in business and product management in India and the U.S., and holds U.S. patents in finance, payments, identity, and commerce [3] Digital Banking Expansion - Openbank, Santander's fully digital bank, recently launched in Mexico and the United States after successful testing in Spain, Germany, Portugal, and the Netherlands [4] - Openbank Mexico offers a fully digital experience with no minimum balances, no fees, competitive interest rates, 24/7 telephone support, and access to 10,000 Santander Mexico ATMs [5] - Santander launched Openbank in the U.S. in October, offering high-yield savings accounts, with plans to establish a full-service digital bank in the country by the end of 2025 [5][6] Strategic Vision and Growth - DCB is positioned at the forefront of innovation in consumer finance, leveraging Santander's global network [2] - Openbank aims to provide the best high-yield savings accounts in America, emphasizing simplicity, speed, and competitive rates, backed by Santander's trust among 168 million consumers [6]