Santander has overtaken fashion giant Inditex to become Spain'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 is already the most valuable bank in continental Europe. It also highlights investors' shift from consumer stocks to banks.
Santander's market capitalisation reached EUR175.9 billion ($201.5 billion) on Friday, compared with EUR174.4 billion for Zara owner Inditex, according to LSEG data.
Since the start of 2025, the bank's stock has risen about 172%, with Santander posting a record profit last year.
The lender's shares have risen about 18% year-to-date, while Inditex is little changed from December 31, despite a rebound over the past month.
