Santander executive chair Ana Botín today will tell shareholders that the world now faces higher inflation and lower growth because of the Iran war but says the bank is trading strongly following recent acquisitions.
Ms Botin will say that it expects the adoption of artificial intelligence to generate more than €1 billion in savings and revenue by 2028.
At Banco Santander’s annual general meeting (AGM), Ms Botín will say the group has started 2026 strongly, maintaining the positive trends of recent years, with continued growth in customers and revenue, improved efficiency and stable credit quality.
She will note that performance in the first months of the year reflects the strength of Santander’s business mix and the benefits of its transformation. However, she will warn that the global environment is becoming increasingly complex.
“The world now faces the scenario of higher inflation and lower growth, threats that become more likely with each passing day. Their severity will depend on the duration of the conflict [in the Gulf] and its impact on global energy supply.”
Shareholders are set to approve the capital increase required to deliver Santander shares for the acquisition of Webster Financial Corporation.
“Following the sale of Poland, we announced two complementary acquisitions: TSB in the UK and Webster in the US, both fully aligned with our capital allocation hierarchy, said Ms Botin.
“Capital discipline is not only about doing more, but about doing what generates the most sustainable value over time.”
Ms Botín will also highlight the growing impact of artificial intelligence across the group, already enhancing customer experience, improving risk management and increasing productivity.
“Artificial Intelligence will probably be the most profound economic and social transformation since the Industrial Revolution. Its impact goes far beyond productivity.
“In banking, it enables us to better assess risks, prevent fraud more effectively, personalize services and expand access to credit.”
Artificial intelligence is already delivering tangible impact across the group and is expected to generate more than €1 billion in business value (savings and revenue) by 2028.
Looking ahead, Botín will reaffirm Santander’s 2026-2028 targets. “In 2028, we aim to exceed €20 billion in profit. This will lead us to profitability, measured in terms of RoTE, above 20%. We also have the target to exceed 210 million customers in 2028,” said Ms Botin.
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