Santander Holdings USA, Inc. (“Santander US”) today released the 2023 Prosperity with Purpose Report, its third annual report detailing progress on the company’s sustainability commitments and future goals, while fulfilling its mission to help people, businesses, and communities prosper.
“Santander strives to partner with our clients to identify and leverage effective solutions that address the long-term social and environmental challenges that we all face. We remain unwavering in our efforts to build stronger communities, invest in our colleagues, and contribute to a more inclusive, sustainable world.”
Tim Wennes
CEO of Santander US
Santander US completed the first year of its current Community Plan, a three-year commitment of $4.6 billion in community reinvestment and $9 billion in sustainable finance. Santander US continued to advance the company’s objectives and made important progress toward meeting its targets across investment pillars to foster inclusive communities, empower people and businesses, and support the green economy.
The commitment to help customers transition to a sustainable economy is embedded in the Santander US strategy and strengthened by significant business initiatives. Through expanded capabilities in its Corporate & Investment Banking division, Santander US underwrote $4.8 billion in sustainable structured finance – a 140% increase from 2022 – and participated in sustainability-linked transactions totaling $42.1 billion. As a full-spectrum auto lender, Santander Consumer USA continued to support customers who are transitioning to a lower-carbon footprint by financing $1.4 billion in battery electric vehicles and $2 billion in plug-in-hybrid vehicles.
Through its Commercial Banking business, Santander US positively impacts communities where the company’s employees live and work by investing in neighborhoods as a leading multifamily real estate lender. Santander Bank, N.A. acquired a 20% stake in a joint venture with the Federal Deposit Insurance Corporation to service a $9 billion portfolio of rent-controlled, rent-stabilized multifamily housing to reinforce the stability of the industry, while supporting and preserving affordable housing for residents in New York City.
Santander US continued to expand its award-winning Cultivate Small Business program designed to help entrepreneurs in low-income neighborhoods across Massachusetts, New York, Pennsylvania, Florida, Texas, and – for the first time – Rhode Island. The program has now served more than 500 entrepreneurs since its 2017 launch. This past year, 77% of entrepreneurs in the MBA-style accelerator program were women and 75% were individuals of color.
For more information about Santander US’ ongoing efforts and its sustainability report, visit santanderbank.com/about/our-commitment.