Spanish bank to launch Shenzhen branch

Leading Spanish bank Banco Santander has received approval from China’s National Financial Regulatory Administration to establish a branch in Shenzhen. Once operational, the branch will be the bank’s third on the Chinese mainland.

Founded in 1857 and headquartered in Madrid, Banco Santander is Spain’s largest commercial bank and one of the largest in Europe. As of the end of 2024, the bank’s total assets reached €1.8 trillion (approximately US$2.1 trillion), with annual revenue of €61.876 billion. Banco Santander serves over 145 million customers worldwide.

The bank has steadily expanded its presence in China, opening its first branch in Shanghai in 2008 and a second in Beijing in 2014.

Analysts state that the planned Shenzhen branch reflects Santander’s strong confidence in the Chinese economy and the growth potential of the Guangdong-Hong Kong-Macao Greater Bay Area.

Shenzhen has long been a preferred destination for foreign financial institutions looking to establish and grow their operations in China.

As of the end of 2024, 35 banks from nine countries and regions had set up five locally incorporated banks, 33 branches, and one representative office in Shenzhen, bringing the total number of operational institutions to 38. Their combined assets exceeded 400 billion yuan (approximately US$55.7 billion).

Shenzhen continues to rank among the top three cities in China in terms of both the number of foreign financial institutions and the scale of their business.