Summary
Openbank has strengthened its presence in Germany by introducing local IBANs and credit offerings. Announced on January 27, 2025, the changes allow customers to receive salaries, manage direct debits, and benefit from German deposit protection guarantees. Additionally, Openbank now offers personal loans up to €24,000 with competitive rates, alongside an upgraded mobile app for enhanced user convenience. The move underscores Openbank's commitment to expanding in Germany and delivering secure, innovative digital banking solutions.Openbank Expands Services in Germany with Local IBANs and Credit Offerings
Openbank launches German IBANsOpenbank, the digital banking arm of the Santander Group, announced on January 22 2025, key enhancements to its operations in Germany. The bank has introduced local IBANs and new credit offerings, aiming to simplify banking processes for German customers and expand its footprint in the region.
By providing German IBANs, Openbank enables customers to seamlessly receive salaries, set up direct debits for recurring bills, and manage capital gains exemption orders. This development marks Openbank’s transition to operating as a German bank, which subjects it to oversight by BaFin (the Federal Financial Supervisory Authority) and ensures deposit guarantees under the German deposit protection scheme.
In addition to local IBANs, Openbank now offers personal loans of up to €24,000, with repayment terms extending up to 60 months. The loans come with interest rates starting at 4.33% per annum, providing a competitive option for German customers seeking credit solutions.
The bank has also enhanced its digital banking experience by upgrading its mobile app. The revamped app offers a more intuitive interface, allowing customers to open accounts and access services within minutes. Features like instant and free transfers within the eurozone further improve user convenience.
“After four years operating in the German market, Openbank is expanding its presence in a key region for growth in Europe. We believe customers value the potential of a digital banking model such as Openbank that offers products with competitive returns and the security and backing of a financial group like Santander,” said Petri Nikkilä, Global CEO of Openbank.
Openbank has signaled its commitment to further developing its offerings in Germany throughout the year, reinforcing its position as a leading digital banking provider in Europe.
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