We took profit on our previous trade idea for this name as 1) we anticipated a short-term rebound in the broader market; and 2) the trade was nearing its March expiration date. However, with spot back at previous entry we believe the original thesis still holds, and the downside implications are even more compelling now, supportive of market hedges amid the geopolitical tension. Santander remains one of the best performers in the SX7E over the last year (+68% vs. +37% for SX7E), with the outperformance primarily being driven by its high loan sensitivity to interest rates and exposure to high-growth markets. Although one could argue that interest rates may remain elevated due to inflationary pressures from higher oil prices, demand destruction during a cyclical downturn would weigh heavily on banks, the bellwethers of the broader economy. We propose Long Jun26 9 puts financed by Jun26 10/10.5 call spreads costing 2.1% of underlying.