Santander Appoints PayPal Veteran to Head Digital Consumer Bank

Banco Santander has appointed PayPal veteran Nitin Prabhu as its global head of Digital Consumer Bank (DCB).

In this role as head of one of the bank’s five global businesses, Prabhu will be responsible for the auto and consumer business globally as well as its fully digital bank Openbank, Santander said in a Wednesday (Dec. 11) press release.

“DCB is at the forefront of innovation in consumer finance, backed by the strength of Santander’s global network,” Banco Santander Executive Chair Ana Botín said in the release. “Nitin brings a strong customer focus and understanding of how to build digital products that meet client needs, and I am confident he will help the business continue to generate profitable growth.”

Prabhu held several senior roles at PayPal over the past 12 years, most recently serving as head of product for small- to medium-sized businesses (SMBs) and financial services, according to the release.

He has a background in business and product management in India and the U.S., and he holds U.S. patents in finance, payments, identity and commerce, the release said.

Prabhu is set to join Santander in early 2025, subject to regulatory approval, per the release.

Santander’s Openbank recently launched in Mexico and the United States after successfully testing its digital banking experience in Spain, Germany, Portugal and the Netherlands, becoming Europe’s largest digital bank by deposit volume.

When launching Openbank in Mexico in November, the bank said Openbank Mexico promises a fully digital bank, no minimum balances, no fees and competitive interest rates. Customers can also access 24/7 telephone support and all 10,000 Santander Mexico ATMs.

Santander launched Openbank in the U.S. in October, offering high-yield savings accounts, and Botín said three days later that the bank will have a full-service digital bank in the country by the end of 2025.

“Openbank is banking made easy and will offer the best high-yield savings accounts in America that is simple and fast with a competitive rate, and built by Santander, a bank that has the trust of 168 million consumers,” Botín said in an Oct. 21 press release announcing that the digital bank went live in the U.S. that day.