Zara's owner has lost its status as Spain's most valuable company

For the first time in eight years, Santander has become Spain’s most valuable publicly traded company, surpassing Inditex, the owner of the Zara chain, according to Bloomberg. The bank’s market capitalization growth was driven by record profits, high interest rates, and aggressive expansion into foreign markets.

Santander's market value has reached €174.9 billion ($200.1 billion), while Inditex's market capitalization stands at €174.4 billion. Since the beginning of 2025, the bank's stock has risen by approximately 170%.

The last time Santander was Spain's largest company by market capitalization was in 2018.

European banks remain among the most sought-after securities among investors, according to Bloomberg. The market is betting that the sector has regained financial stability and will be able to boost profits thanks to a revival in the mergers and acquisitions market, as well as increased trading activity.

At the same time, retailers, including Inditex, are facing increasing pressure due to a decline in consumer spending, the agency reports.

Santander is already the most valuable bank in continental Europe, the agency notes. The bank is also actively expanding its presence in the U.S.: in February 2026, Santander acquired Webster Financial Corp., an American financial company that controls Webster Bank, for $12 billion. This deal marked the largest-ever acquisition of a U.S. bank by a financial group from continental Europe, according to Bloomberg.

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