Openbank is an online bank, headquartered in

Madrid Madrid ( , ) is the capital and most populous city of Spain. The city has almost 3.4 million inhabitants and a metropolitan area population of approximately 6.7 million. It is the second-largest city in the European Union (EU), and ...

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. Since its foundation in 1995, it has been a subsidiary of

Grupo Santander Banco Santander, S.A., doing business as Santander Group (, , Spanish: ), is a Spanish multinational financial services company based in Madrid and Santander in Spain. Additionally, Santander maintains a presence in all global financial centres ...

. According to the Spanish Banking Association, by the end of 2016 nearly 1,350,000 accounts had been registered with the bank.

History

Banco Santander created Openbank in 1995, and launched a website for it in 1996. In 2000, after buying the Argentine portal Patagon.com for $540 million, Openbank changed its name to Patagon Internet Bank S.A., a financial portal that combined traditional banking with digital features such as chatrooms and internet forums. In 2001, Patagon Internet Bank S.A. opened commercial offices in

Zaragoza Zaragoza, also known in English as Saragossa,''Encyclopædia Britannica'"Zaragoza (conventional Saragossa)" is the capital city of the Zaragoza Province and of the autonomous community of Aragon, Spain. It lies by the Ebro river and its tributari ...

Pamplona Pamplona (; eu, Iruña or ), historically also known as Pampeluna in English, is the capital city of the Chartered Community of Navarre, in Spain. It is also the third-largest city in the greater Basque cultural region. Lying at near above ...

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, and

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. In 2005 it was renamed to Openbank. In 2011 it released a banking app for

iOS iOS (formerly iPhone OS) is a mobile operating system created and developed by Apple Inc. exclusively for its hardware. It is the operating system that powers many of the company's mobile devices, including the iPhone; the term also includes ...

and Android. In March 2011, the entity, after its integration in the Commercial Banking Spain division, chose to close 20 of the 21 branches it still had open. The only one that remained open was the Azca branch, in Madrid. In February 2013, it launched mobile applications for Android and Windows 8. In May 2017, it modified its corporate image and renamed some of its products. In addition, it opened its new branch at number 134 Paseo de la Castellana in Madrid, with the aim of creating an exclusive space for its clients. In June 2017, it launched its new digital web platform and app, improving its usability and ease of use. In 2019, it began its international expansion in Germany, the Netherlands and Portugal.

Features

Openbank offers a 24x7 service to all its customers. This allows them to be in permanent contact with the branch, by telephone, email or chat. In addition, it allows them to deposit or withdraw cash, commission-free, at the more than 4,500 ATMs in the Santander network in Spain. Open Wealth has been created as its new investment platform. With this platform customers can invest, in real time from a computer or mobile phone, in the more than twenty-five markets available to them through the professional trading tool. The bank also offers a family plan, Open Young, which has a prepaid card for use by children who can even request payment from their own app. It also has a function that allows customers to activate or deactivate their cards whenever they want, from anywhere, or to defer payments from their mobile. In addition, Open Mortgage customers can obtain a mortgage with a nominal interest rate of Euribor + 0.99%.

Management

CEO: Ezequiel Szafir Holcman

Sources

{{reflist Online banks Banks based in Madrid Banco Santander