Santander is merging its retail, commercial, and consumer activities into two new global companies to improve performance and customer acquisition.

The Retail and Commercial segment and Digital Consumer Bank will join its Corporate and Investment Banking, Wealth Management, Insurance, and Payments divisions.

The restructuring aims to add 40 million clients by 2025 and increase return on tangible equity to 15-17%.

The new methodology will be used in January, with higher European interest rates boosting investment banking operations.