Santander to Merge Digital Bank and Consumer Finance Units

Banco Santander SA is set to merge its digital lender Openbank with its Consumer Finance unit in Europe into a single legal entity.

Both units are already part of Digital Consumer Bank, one of the five global businesses in which Santander reports its earnings. DCB reported a net income of around €1 billion ($1.2 billion) in the first half of the year, 3% down year on year and around 14% of total group’s profit.

The move seeks to simplify the business and improve its customer offering, Santander said in a statement. DCB works with several auto manufacturers, dealers and merchants, ...