Banco Santander has completed the acquisition of an 89.9% stake in Tresmares Capital, a Madrid-based alternative investment manager focused on lending to small and medium-sized enterprises, the bank confirmed in March 2025. Tresmares manages approximately EUR 1.5 billion in SME credit assets, giving Santander a direct foothold in Spain's growing private credit market for business borrowers.
The transaction is part of Santander's stated strategy of expanding its wealth and asset management capabilities. By acquiring a specialist in SME credit — a segment that sits at the intersection of alternative asset management and corporate banking — the group is positioning itself to capture fee income from a market that has grown substantially as institutional investors have sought yield outside conventional fixed income markets.
TRESMARES AND THE SME CREDIT MARKET
Tresmares Capital specialises in direct lending and structured credit solutions for Spanish SMEs, a segment where bank balance sheet constraints and regulatory capital costs have historically created an opening for non-bank lenders. The firm manages assets on behalf of institutional investors and has built a track record in originating and structuring credit facilities for businesses that sit below the size threshold typically served by large corporate banking desks but above the level at which standard retail SME products apply.
With EUR 1.5 billion in SME credit assets under management, Tresmares is a meaningful participant in the Spanish private credit market. The combination with Santander's origination infrastructure — the group's Spanish banking franchise is one of the largest in the country by branch network and customer base — creates an obvious set of commercial synergies. Tresmares gains access to a much broader deal pipeline through Santander's SME banking relationships, while Santander gains the fund management expertise and institutional investor relationships that Tresmares has assembled independently.
The 89.9% stake acquired by Santander leaves a small residual ownership with existing shareholders — likely the founding partners and management team — preserving the alignment of interests that is typically important in managing an alternative asset business where human capital is central to performance. The precise terms of any earn-out or management incentive arrangements were not disclosed in the announcement.
WEALTH MANAGEMENT EXPANSION STRATEGY
The Tresmares deal fits within a wider push by Santander to grow fee-generating businesses that are less sensitive to interest rate movements than its core lending operations. The group has been investing in its wealth management, insurance, and asset management franchises across several markets, recognising that return-on-equity targets become harder to sustain through net interest income alone as rate cycles turn. Adding Tresmares diversifies the fee income stream specifically within Spain, where the group already has a commanding retail banking position.
Alternative credit — which encompasses direct lending, asset-based finance, and structured SME facilities — has attracted growing interest from European banks looking to develop capital-light earnings. Santander's acquisition of Tresmares mirrors moves made by peers in France, Germany, and the Netherlands that have similarly sought to establish or expand positions in private credit management. For the Spanish market specifically, the deal signals an expectation that demand for non-bank SME credit will continue to grow as businesses seek flexible financing solutions beyond conventional overdraft and term loan products.