Banco Santander SA decided to renew its contract for audit services with PricewaterhouseCoopers LLP, potentially keeping one of Europe’s biggest such relationships with the firm until 2035.
The tender is for services for 2026 and was awarded to PwC over bids from Ernst & Young LLP, Deloitte LLP and KPMG LLP, a spokesman for the bank said by email. Spain’s biggest bank spent €133 million ($142 million) on audit fees last year, less than HSBC Holdings Plc but well ahead of peers including UBS Group AG and Deutsche Bank AG.
Representatives from PwC declined to comment. Santander’s board will seek approval from the annual general shareholder meeting in 2026.
Paul Hanna/Bloomberg
PwC was elected as Santander’s audit firm in 2016. Under Spanish law, Santander was obliged to make a tender to renew PwC beyond 2025. A limit of 10 years for renewals means the firm could audit the bank’s statements until 2035 without a new tender.
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