Banco Santander targets 210M customers and 36% efficiency ratio by 2028 with AI-driven growth plan.

Banco Santander has announced a growth strategy through 2028 aiming to serve 210 million customers while improving operational efficiency. The bank plans to reduce its efficiency ratio to 36% by leveraging AI automation and synergies from acquisitions. Management targets an underlying profit of €20 billion and a 20% return on tangible equity (RoTE) by 2028. The forward price-to-earnings ratio is projected at 6.9x with a potential dividend yield of 7%, making the stock attractive despite transformation risks. The analyst maintains a Buy rating based on strong execution and valuation.