(Bloomberg) -- Banco Santander SA is seeking to sell more more than a dozen significant risk transfers amid an effort to boost profitability.

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The Spanish lender is marketing SRTs linked to more than €20 billion ($21 billion) of loans out of its global operations including the US, Germany, the UK and Mexico, people familiar with the matter said. The deals are at various stages in the sales process, the people said, asking not to be identified discussing the private information.

The wave of transactions is part of Santander’s push to free up capital by using transactions including SRTs, asset sales and other types of hedging transactions. The idea is to improve returns on the capital and use it elsewhere in the business, for example, to expand lending.

Santander’s new approach to capital is “changing completely the model of the bank,” Chief Executive Officer Hector Grisi said on an earnings call last month. The lender now has “tremendous capacity” to move assets and risk off its balance sheet, he said.

According to the people familiar with the matter, the SRTs include:

• one linked to about €6 billion ($6.3 billion) of loans to large companies situated mostly in the US and Europe

• at least three attached to credit for small and mid-sized companies in Spain, including one on €2.2 billion of such loans

• an unfunded SRT linked to about €2 billion of Spanish residential mortgages

• one tied to a portfolio of around €1.3 billion in German corporate loans

• two SRTs in the UK linked to portfolios of consumer loans and mortgages, each one worth about £1 billion ($1.3 billion)

• another unfunded SRT on about €1.1 billion of Portuguese home loans.

• one linked to Swedish car loans

• at least three SRTs out Mexico and Brazil, with at least some of them likely to be placed with a multilateral development bank.

A Santander spokesperson declined to comment. Terms of the privately-placed transactions are subject to change as the marketing process evolves, the people said. Bloomberg has previously reported some of the deals.

SRTs, also known as synthetic risk transfers, enable banks to reduce credit risk by paying investment firms for agreeing to help cover potential future losses, which reduces the amount of capital the bank is required to hold as a backstop. A typical deal would see a bank obtain default protection on as much as 15% of a loan portfolio and in return pay investors a rate that frequently tops 10%.