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Spanish financial services provider Banco Santander SA (NYSE:SAN) is reportedly nearing an agreement with Amazon.com Inc. (NASDAQ: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. (NASDAQ: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.
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