Santander has shut down its Navigator Global business less than a year after announcing plans for a major expansion, with chief executive John Carroll also leaving the bank, GTR can reveal.
The bank built Navigator Global as a digital platform to help businesses develop cross-border operations by providing access to verified service providers, local experts and real-time market intelligence.
Santander announced in November last year that following a pilot in the UK, it would expand the platform across nine more markets, with plans to launch in over 40 jurisdictions by 2029.
However, members of the platform were informed this week they would no longer have access from September 29, according to a notice seen by GTR.
A Santander spokesperson confirmed today that Navigator Global is no longer operational. As of press time its website and LinkedIn page are no longer active.
“We are committed to supporting internationally ambitious businesses expand into new markets, providing dedicated relationship teams, trade finance solutions, and insights into global growth,” the spokesperson said.
“Navigator Global was one of a suite of solutions to help businesses take the next steps in their growth journey.
“Following review, we have taken the decision to remove it, to allow us to invest in the next stage of our strategy for supporting fast-growing companies in an ever-changing technological and geopolitical environment, based on the fundamental principles of strong relationships and meaningful engagement.”
Carroll, who was named chief executive of Navigator Global in September 2024, has also left Santander after more than three decades, according to an internal memo from September 1 seen by GTR.
Carroll has held senior positions at the bank in both Spain and the UK, including leading Santander CIB’s financial institutions business.
Additional reporting by Shannon Manders.
