Spain-based Banco Santander, one of the world’s largest multinational financial services companies, has overtaken fashion giant Inditex to become European country’s most valuable listed company for the first time in eight years, lifted by a recent rally in banking shares.
The shift marks a milestone for the Spanish lender, which has already consolidated its position as the most valuable bank in continental Europe.
Santander’s market capitalisation reached 175.9 billion euro (USD 201.5 billion) on Friday (June 19), compared with 174.4 billion euro for Zara owner Inditex, as per the LSEG data. Since the start of 2025, Santander’s stock has risen about 172%, as the bank posted a record profit in 2025.
The lender’s shares have risen about 18% year-to-date, while Inditex is little changed from December 31, despite a rebound over May 2026.
European banks have rallied of late as the European Central Bank (ECB) raised interest rates. The European Commission, on the other hand, is preparing to relax cross-border capital flow rules and simplify capital frameworks.
Retailers such as Inditex have come under pressure this year from weaker consumer spending.
Talking about Santander, the Spanish major recently secured the nod from the Office of the Comptroller of the Currency (OCC) to acquire Connecticut-based Webster Bank, as disclosed by the lender in its latest filing with the United States Securities and Exchange Commission (SEC).
The approval, dated June 12, came 74 days after the Spanish bank submitted its application to the OCC. The USD 12.3 billion transaction still needs an approval from the Federal Reserve and the ECB. However, Santander has benefited from the shrinking timeframe for bank combinations, from announcement to regulator approval, that has become the new normal since President Donald Trump retook office in January 2025.
The second half of 2025 saw four proposed bank acquisitions with a value of USD 4 billion or more. PNC’s USD 4.1 billion acquisition of Colorado’s FirstBank received the Fed’s approval 94 days after the proposal. The central bank approved Fifth Third’s USD 10.9 billion acquisition of Comerica 99 days after the proposal went public. The USD 8.6 billion merger of equals between Pinnacle and Synovus received the Fed’s blessing after 124 days.
Santander’s green light isn’t the fastest of its kind, as the record belongs to the Huntington, whose USD 7.4 billion acquisition of Cadence 56 got approved by the OCC in 56 days in 2025.