Spanish financial services provider Banco Santander SA SAN is reportedly nearing an agreement with Amazon.com Inc. AMZN to offer financing options for European buyers on the e-commerce platform.
The deal, which is in advanced negotiations, is expected to launch in Germany first and then expand across Europe, according to a report from Bloomberg.
Santander aims to enhance its digital consumer finance business, which contributed around 10% to its group revenue last year.
Santander’s key strategy involves securing flagship deals with major tech companies, according to the bank’s recent annual report.
The partnership with Amazon will allow consumers to opt for loans when making online purchases, thus facilitating higher sales for both entities.
Also Read: Amazon Labor Union Partners With Teamsters To Boost Bargaining Power: Report
Last week, Santander announced a similar deal with Apple Inc. AAPL to provide consumer financing for Apple products in Germany.
The Amazon collaboration is anticipated to generate more revenue compared to the Apple agreement, per the report.
Price Action: SAN shares are trading lower by 2.75% at $4.60 in premarket at last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next: Amazon Expands RxPass To Medicare Members: A Closer Look At Savings
Photo via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
