Santander Investment Bank Is Worth €18 Billion, RBC Analyst Says

Banco Santander SA’s investment banking unit is worth €18 billion ($19.5 billion), or a quarter of the bank’s total market capitalization, according to an analysis from RBC Capital Markets.

It’s one of the few estimates of Santander’s fast-growing division, which has been on a hiring spree to poach bankers from rivals. RBC analyst Benjamin Toms said the unit’s profit in 2026 is likely to rise by 13% from 2023 levels as its expansion starts to pay off.

“Santander’s CIB is a material tailwind to the bank’s future story,” he wrote.

The lender has increased the headcount of its ...