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    <link:label id="lab_san_GainsLossesOnRemeasuringHedgingInstrumentsNotDesignatedBeforeTax_label_en" xlink:label="lab_san_GainsLossesOnRemeasuringHedgingInstrumentsNotDesignatedBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gains (Losses) On Remeasuring Hedging Instruments Not Designated, Before Tax</link:label>
    <link:label id="lab_san_GainsLossesOnRemeasuringHedgingInstrumentsNotDesignatedBeforeTax_documentation_en" xlink:label="lab_san_GainsLossesOnRemeasuringHedgingInstrumentsNotDesignatedBeforeTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Gains (Losses) On Remeasuring Hedging Instruments Not Designated, Before Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_GainsLossesOnRemeasuringHedgingInstrumentsNotDesignatedBeforeTax" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_GainsLossesOnRemeasuringHedgingInstrumentsNotDesignatedBeforeTax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_GainsLossesOnRemeasuringHedgingInstrumentsNotDesignatedBeforeTax" xlink:to="lab_san_GainsLossesOnRemeasuringHedgingInstrumentsNotDesignatedBeforeTax" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities_e9cdc029-4dbd-402b-8ad0-ec30777eb8d6_totalLabel_en" xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Cash flows from (used in) operating activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_san_DividendsAndRemunerationMember_label_en" xlink:label="lab_san_DividendsAndRemunerationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Dividends And Remuneration [Member]</link:label>
    <link:label id="lab_san_DividendsAndRemunerationMember_documentation_en" xlink:label="lab_san_DividendsAndRemunerationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">This member stands for the portion of equity related to dividends and remuneration.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_DividendsAndRemunerationMember" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_DividendsAndRemunerationMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_DividendsAndRemunerationMember" xlink:to="lab_san_DividendsAndRemunerationMember" xlink:type="arc" order="1"/>
    <link:label id="lab_san_GainsLossesOnNonCurrentAssetsClassifiedAsHeldForSaleBeforeTax_label_en" xlink:label="lab_san_GainsLossesOnNonCurrentAssetsClassifiedAsHeldForSaleBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gains (Losses) On Non-Current Assets Classified As Held For Sale, Before Tax</link:label>
    <link:label id="lab_san_GainsLossesOnNonCurrentAssetsClassifiedAsHeldForSaleBeforeTax_documentation_en" xlink:label="lab_san_GainsLossesOnNonCurrentAssetsClassifiedAsHeldForSaleBeforeTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Gains (Losses) On Non-Current Assets Classified As Held For Sale, Before Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_GainsLossesOnNonCurrentAssetsClassifiedAsHeldForSaleBeforeTax" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_GainsLossesOnNonCurrentAssetsClassifiedAsHeldForSaleBeforeTax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_GainsLossesOnNonCurrentAssetsClassifiedAsHeldForSaleBeforeTax" xlink:to="lab_san_GainsLossesOnNonCurrentAssetsClassifiedAsHeldForSaleBeforeTax" xlink:type="arc" order="1"/>
    <link:label id="lab_san_FinanceIncomeFromInsuranceAndReinsuranceContractsRecognisedInProfitOrLoss_label_en" xlink:label="lab_san_FinanceIncomeFromInsuranceAndReinsuranceContractsRecognisedInProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Finance Income From Insurance And Reinsurance Contracts Recognised In Profit Or Loss</link:label>
    <link:label id="lab_san_FinanceIncomeFromInsuranceAndReinsuranceContractsRecognisedInProfitOrLoss_documentation_en" xlink:label="lab_san_FinanceIncomeFromInsuranceAndReinsuranceContractsRecognisedInProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Amount of income from assets included in profit or loss under insurance contracts and reinsurance contracts issued.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_FinanceIncomeFromInsuranceAndReinsuranceContractsRecognisedInProfitOrLoss" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_FinanceIncomeFromInsuranceAndReinsuranceContractsRecognisedInProfitOrLoss"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_FinanceIncomeFromInsuranceAndReinsuranceContractsRecognisedInProfitOrLoss" xlink:to="lab_san_FinanceIncomeFromInsuranceAndReinsuranceContractsRecognisedInProfitOrLoss" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AdjustmentsToReconcileProfitLossOtherThanChangesInWorkingCapital_c6f6dcd7-406e-48e9-90be-e58a8c76187d_totalLabel_en" xlink:label="lab_ifrs-full_AdjustmentsToReconcileProfitLossOtherThanChangesInWorkingCapital" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Adjustments to reconcile profit (loss) other than changes in working capital</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AdjustmentsToReconcileProfitLossOtherThanChangesInWorkingCapital" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdjustmentsToReconcileProfitLossOtherThanChangesInWorkingCapital"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentsToReconcileProfitLossOtherThanChangesInWorkingCapital" xlink:to="lab_ifrs-full_AdjustmentsToReconcileProfitLossOtherThanChangesInWorkingCapital" xlink:type="arc" order="1"/>
    <link:label id="lab_san_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughProfitOrLoss_label_en" xlink:label="lab_san_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Adjustments For Decrease Increase In Financial Assets At Fair Value Through Profit Or Loss</link:label>
    <link:label id="lab_san_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughProfitOrLoss_documentation_en" xlink:label="lab_san_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Adjustments for decrease (increase) in financial assets at fair value through profit or loss to reconcile profit (loss) to net cash flow from (used in) operating activities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughProfitOrLoss"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:to="lab_san_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:type="arc" order="1"/>
    <link:label id="lab_san_ProfitForPeriodAttributableToParentMember_label_en" xlink:label="lab_san_ProfitForPeriodAttributableToParentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Profit For Period Attributable To Parent [Member]</link:label>
    <link:label id="lab_san_ProfitForPeriodAttributableToParentMember_documentation_en" xlink:label="lab_san_ProfitForPeriodAttributableToParentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">This member stands for the portion of total equity representing net profit or loss attributable to parent.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_ProfitForPeriodAttributableToParentMember" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_ProfitForPeriodAttributableToParentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_ProfitForPeriodAttributableToParentMember" xlink:to="lab_san_ProfitForPeriodAttributableToParentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_san_GainsOrLossesFromHedgeAccountingNet_label_en" xlink:label="lab_san_GainsOrLossesFromHedgeAccountingNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gains Or Losses From Hedge Accounting Net</link:label>
    <link:label id="lab_san_GainsOrLossesFromHedgeAccountingNet_documentation_en" xlink:label="lab_san_GainsOrLossesFromHedgeAccountingNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Net amount of gains or losses from hedge accounting recognized in profit or loss.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_GainsOrLossesFromHedgeAccountingNet" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_GainsOrLossesFromHedgeAccountingNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_GainsOrLossesFromHedgeAccountingNet" xlink:to="lab_san_GainsOrLossesFromHedgeAccountingNet" xlink:type="arc" order="1"/>
    <link:label id="lab_san_IncreaseDecreaseInEquityOtherThanComprehensiveIncome_d7b16167-497f-4807-9a42-166b6b1fcae0_totalLabel_en" xlink:label="lab_san_IncreaseDecreaseInEquityOtherThanComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Increase (Decrease) In Equity Other Than Comprehensive Income</link:label>
    <link:label id="lab_san_IncreaseDecreaseInEquityOtherThanComprehensiveIncome_label_en" xlink:label="lab_san_IncreaseDecreaseInEquityOtherThanComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Increase (Decrease) In Equity Other Than Comprehensive Income</link:label>
    <link:label id="lab_san_IncreaseDecreaseInEquityOtherThanComprehensiveIncome_documentation_en" xlink:label="lab_san_IncreaseDecreaseInEquityOtherThanComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">The amount of change in equity resulting from transactions and other events other than those classified as comprehensive income.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_IncreaseDecreaseInEquityOtherThanComprehensiveIncome" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_IncreaseDecreaseInEquityOtherThanComprehensiveIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_IncreaseDecreaseInEquityOtherThanComprehensiveIncome" xlink:to="lab_san_IncreaseDecreaseInEquityOtherThanComprehensiveIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_san_ProvisionsAndReversalOfProvisions_label_en" xlink:label="lab_san_ProvisionsAndReversalOfProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Provisions And Reversal Of Provisions</link:label>
    <link:label id="lab_san_ProvisionsAndReversalOfProvisions_documentation_en" xlink:label="lab_san_ProvisionsAndReversalOfProvisions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">The net amount of provisions and reversal of provisions.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_ProvisionsAndReversalOfProvisions" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_ProvisionsAndReversalOfProvisions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_ProvisionsAndReversalOfProvisions" xlink:to="lab_san_ProvisionsAndReversalOfProvisions" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities_4ad29e4e-7b08-4227-992f-fc5c322d93f6_totalLabel_en" xlink:label="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Cash flows from (used in) financing activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_san_OtherCommitmentsMember_label_en" xlink:label="lab_san_OtherCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Commitments [Member]</link:label>
    <link:label id="lab_san_OtherCommitmentsMember_documentation_en" xlink:label="lab_san_OtherCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Information pertaining to commitments other than loan commitments and financial guarantees.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_OtherCommitmentsMember" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_OtherCommitmentsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_OtherCommitmentsMember" xlink:to="lab_san_OtherCommitmentsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_san_OtherComprehensiveIncomeItemsThatWillNotBeReclassifiedToProfitOrLoss_label_en" xlink:label="lab_san_OtherComprehensiveIncomeItemsThatWillNotBeReclassifiedToProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Comprehensive Income, Items That Will Not Be Reclassified To Profit Or Loss</link:label>
    <link:label id="lab_san_OtherComprehensiveIncomeItemsThatWillNotBeReclassifiedToProfitOrLoss_documentation_en" xlink:label="lab_san_OtherComprehensiveIncomeItemsThatWillNotBeReclassifiedToProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Amount of other comprehensive income that will not be reclassified to profit or loss.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_OtherComprehensiveIncomeItemsThatWillNotBeReclassifiedToProfitOrLoss" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_OtherComprehensiveIncomeItemsThatWillNotBeReclassifiedToProfitOrLoss"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_OtherComprehensiveIncomeItemsThatWillNotBeReclassifiedToProfitOrLoss" xlink:to="lab_san_OtherComprehensiveIncomeItemsThatWillNotBeReclassifiedToProfitOrLoss" xlink:type="arc" order="1"/>
    <link:label id="lab_san_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtAmortisedCost_label_en" xlink:label="lab_san_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtAmortisedCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Adjustments For Decrease Increase In Financial Assets At Amortised Cost</link:label>
    <link:label id="lab_san_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtAmortisedCost_documentation_en" xlink:label="lab_san_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtAmortisedCost" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Adjustments for decrease (increase) in financial assets at amortised cost to reconcile profit (loss) to net cash flow from (used in) operating activities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtAmortisedCost" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtAmortisedCost"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtAmortisedCost" xlink:to="lab_san_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtAmortisedCost" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherAssets_3845d323-2ef8-4584-8ac1-e1234d0e9c01_totalLabel_en" xlink:label="lab_ifrs-full_OtherAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Other assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OtherAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherAssets" xlink:to="lab_ifrs-full_OtherAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_san_NonControllingInterestsOtherItemsExcludingAccumulatedOtherComprehensiveIncomeMember_b2ce9afa-f4c8-46ce-97d1-cde49815439c_verboseLabel_en" xlink:label="lab_san_NonControllingInterestsOtherItemsExcludingAccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Non Controlling Interests, Other Items, Excluding Accumulated Other Comprehensive Income [Member]</link:label>
    <link:label id="lab_san_NonControllingInterestsOtherItemsExcludingAccumulatedOtherComprehensiveIncomeMember_label_en" xlink:label="lab_san_NonControllingInterestsOtherItemsExcludingAccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Non Controlling Interests, Other Items, Excluding Accumulated Other Comprehensive Income [Member]</link:label>
    <link:label id="lab_san_NonControllingInterestsOtherItemsExcludingAccumulatedOtherComprehensiveIncomeMember_documentation_en" xlink:label="lab_san_NonControllingInterestsOtherItemsExcludingAccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">This member stands for equity, excluding accumulated other comprehensive income, in a subsidiary not attributable, directly or indirectly, to the parent. References</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_NonControllingInterestsOtherItemsExcludingAccumulatedOtherComprehensiveIncomeMember" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_NonControllingInterestsOtherItemsExcludingAccumulatedOtherComprehensiveIncomeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_NonControllingInterestsOtherItemsExcludingAccumulatedOtherComprehensiveIncomeMember" xlink:to="lab_san_NonControllingInterestsOtherItemsExcludingAccumulatedOtherComprehensiveIncomeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DebtSecuritiesMember_04cdec77-1899-4b10-9cde-7db64305f247_verboseLabel_en" xlink:label="lab_ifrs-full_DebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Debt securities [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DebtSecuritiesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_DebtSecuritiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DebtSecuritiesMember" xlink:to="lab_ifrs-full_DebtSecuritiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_san_NonCurrentAssetsHeldForSaleThatWillNotBeReclassifiedToProfitOrLossBeforeTax_label_en" xlink:label="lab_san_NonCurrentAssetsHeldForSaleThatWillNotBeReclassifiedToProfitOrLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Non-Current Assets Held-For-Sale That Will Not Be Reclassified To Profit Or Loss, Before Tax</link:label>
    <link:label id="lab_san_NonCurrentAssetsHeldForSaleThatWillNotBeReclassifiedToProfitOrLossBeforeTax_documentation_en" xlink:label="lab_san_NonCurrentAssetsHeldForSaleThatWillNotBeReclassifiedToProfitOrLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Non-Current Assets Held-For-Sale That Will Not Be Reclassified To Profit Or Loss, Before Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_NonCurrentAssetsHeldForSaleThatWillNotBeReclassifiedToProfitOrLossBeforeTax" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_NonCurrentAssetsHeldForSaleThatWillNotBeReclassifiedToProfitOrLossBeforeTax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_NonCurrentAssetsHeldForSaleThatWillNotBeReclassifiedToProfitOrLossBeforeTax" xlink:to="lab_san_NonCurrentAssetsHeldForSaleThatWillNotBeReclassifiedToProfitOrLossBeforeTax" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_MiscellaneousOtherProvisionsMember_a15814d0-529d-41e9-81c7-cf29aab7b7f0_verboseLabel_en" xlink:label="lab_ifrs-full_MiscellaneousOtherProvisionsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Miscellaneous other provisions [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_MiscellaneousOtherProvisionsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_MiscellaneousOtherProvisionsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_MiscellaneousOtherProvisionsMember" xlink:to="lab_ifrs-full_MiscellaneousOtherProvisionsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_san_StatementLineItems_label_en" xlink:label="lab_san_StatementLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Statement [Line Items]</link:label>
    <link:label id="lab_san_StatementLineItems_documentation_en" xlink:label="lab_san_StatementLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Statement</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_StatementLineItems" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_StatementLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_StatementLineItems" xlink:to="lab_san_StatementLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_san_UnpaidCapitalCalledUp_label_en" xlink:label="lab_san_UnpaidCapitalCalledUp" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Unpaid Capital Called Up</link:label>
    <link:label id="lab_san_UnpaidCapitalCalledUp_documentation_en" xlink:label="lab_san_UnpaidCapitalCalledUp" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Unpaid Capital Called Up</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_UnpaidCapitalCalledUp" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_UnpaidCapitalCalledUp"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_UnpaidCapitalCalledUp" xlink:to="lab_san_UnpaidCapitalCalledUp" xlink:type="arc" order="1"/>
    <link:label id="lab_san_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtAmortizedCost_label_en" xlink:label="lab_san_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Adjustments For Increase Decrease In Financial Liabilities At Amortized Cost</link:label>
    <link:label id="lab_san_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtAmortizedCost_documentation_en" xlink:label="lab_san_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtAmortizedCost" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Adjustments for increase (decrease) in financial liabilities at amortised cost to reconcile profit (loss) to net cash flow from (used in) operating activities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtAmortizedCost" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtAmortizedCost"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtAmortizedCost" xlink:to="lab_san_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtAmortizedCost" xlink:type="arc" order="1"/>
    <link:label id="lab_san_PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember_b9a74884-f935-4af4-9703-d882cd801ae4_verboseLabel_en" xlink:label="lab_san_PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Pensions And Other Employment Defined Benefit Obligations Provision [Member]</link:label>
    <link:label id="lab_san_PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember_label_en" xlink:label="lab_san_PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Pensions And Other Employment Defined Benefit Obligations Provision [Member]</link:label>
    <link:label id="lab_san_PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember_documentation_en" xlink:label="lab_san_PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">This member represents the provision for pensions and other employment defined benefit obligations.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember" xlink:to="lab_san_PensionsAndOtherEmploymentDefinedBenefitObligationsProvisionMember" xlink:type="arc" order="1"/>
    <link:label id="lab_san_OtherProceedsOfCashClassifiedAsInvestingActivities_label_en" xlink:label="lab_san_OtherProceedsOfCashClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Proceeds Of Cash Classified As Investing Activities</link:label>
    <link:label id="lab_san_OtherProceedsOfCashClassifiedAsInvestingActivities_documentation_en" xlink:label="lab_san_OtherProceedsOfCashClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Other Proceeds Of Cash Classified As Investing Activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_OtherProceedsOfCashClassifiedAsInvestingActivities" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_OtherProceedsOfCashClassifiedAsInvestingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_OtherProceedsOfCashClassifiedAsInvestingActivities" xlink:to="lab_san_OtherProceedsOfCashClassifiedAsInvestingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents_854f8b3f-fb08-492c-8052-871922bd6272_totalLabel_en" xlink:label="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Increase (decrease) in cash and cash equivalents after effect of exchange rate changes</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalents"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:to="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:type="arc" order="1"/>
    <link:label id="lab_san_OtherOutflowsOfCashClassifiedAsFinancingActivities_label_en" xlink:label="lab_san_OtherOutflowsOfCashClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Outflows Of Cash Classified As Financing Activities</link:label>
    <link:label id="lab_san_OtherOutflowsOfCashClassifiedAsFinancingActivities_documentation_en" xlink:label="lab_san_OtherOutflowsOfCashClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Outflows of cash, classified as financing activities, that the entity does not separately disclose in the same statement or note.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_OtherOutflowsOfCashClassifiedAsFinancingActivities" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_OtherOutflowsOfCashClassifiedAsFinancingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_OtherOutflowsOfCashClassifiedAsFinancingActivities" xlink:to="lab_san_OtherOutflowsOfCashClassifiedAsFinancingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_san_InflowsOfCashFromFinancingActivities_c6f45595-a6a6-4dc5-b51f-f35b1e712473_totalLabel_en" xlink:label="lab_san_InflowsOfCashFromFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Inflows Of Cash From Financing Activities</link:label>
    <link:label id="lab_san_InflowsOfCashFromFinancingActivities_label_en" xlink:label="lab_san_InflowsOfCashFromFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Inflows Of Cash From Financing Activities</link:label>
    <link:label id="lab_san_InflowsOfCashFromFinancingActivities_documentation_en" xlink:label="lab_san_InflowsOfCashFromFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">The cash inflow from financing activities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_InflowsOfCashFromFinancingActivities" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_InflowsOfCashFromFinancingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_InflowsOfCashFromFinancingActivities" xlink:to="lab_san_InflowsOfCashFromFinancingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_san_FinancialAssetsReclassifiedFromFairValueWithChangesInOtherComprehensiveIncomeMember_4987af4f-9d07-4de1-a9e9-5f22a3273add_verboseLabel_en" xlink:label="lab_san_FinancialAssetsReclassifiedFromFairValueWithChangesInOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Financial Assets Reclassified From Fair Value With Changes In Other Comprehensive Income [Member]</link:label>
    <link:label id="lab_san_FinancialAssetsReclassifiedFromFairValueWithChangesInOtherComprehensiveIncomeMember_label_en" xlink:label="lab_san_FinancialAssetsReclassifiedFromFairValueWithChangesInOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Financial Assets Reclassified From Fair Value With Changes In Other Comprehensive Income [Member]</link:label>
    <link:label id="lab_san_FinancialAssetsReclassifiedFromFairValueWithChangesInOtherComprehensiveIncomeMember_documentation_en" xlink:label="lab_san_FinancialAssetsReclassifiedFromFairValueWithChangesInOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Financial Assets Reclassified From Fair Value With Changes In Other Comprehensive Income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_FinancialAssetsReclassifiedFromFairValueWithChangesInOtherComprehensiveIncomeMember" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_FinancialAssetsReclassifiedFromFairValueWithChangesInOtherComprehensiveIncomeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_FinancialAssetsReclassifiedFromFairValueWithChangesInOtherComprehensiveIncomeMember" xlink:to="lab_san_FinancialAssetsReclassifiedFromFairValueWithChangesInOtherComprehensiveIncomeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_san_ImpairmentLossReversalOfImpairmentOfInvestmentsInSubsidiariesJointVenturesAndAssociatesNet_label_en" xlink:label="lab_san_ImpairmentLossReversalOfImpairmentOfInvestmentsInSubsidiariesJointVenturesAndAssociatesNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Impairment Loss Reversal Of Impairment Of Investments In Subsidiaries Joint Ventures And Associates, Net</link:label>
    <link:label id="lab_san_ImpairmentLossReversalOfImpairmentOfInvestmentsInSubsidiariesJointVenturesAndAssociatesNet_documentation_en" xlink:label="lab_san_ImpairmentLossReversalOfImpairmentOfInvestmentsInSubsidiariesJointVenturesAndAssociatesNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Net amount of impairment loss or reversal of impairment of investments in subsidiaries, joint ventures and associates recognized in profit or loss.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_ImpairmentLossReversalOfImpairmentOfInvestmentsInSubsidiariesJointVenturesAndAssociatesNet" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_ImpairmentLossReversalOfImpairmentOfInvestmentsInSubsidiariesJointVenturesAndAssociatesNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_ImpairmentLossReversalOfImpairmentOfInvestmentsInSubsidiariesJointVenturesAndAssociatesNet" xlink:to="lab_san_ImpairmentLossReversalOfImpairmentOfInvestmentsInSubsidiariesJointVenturesAndAssociatesNet" xlink:type="arc" order="1"/>
    <link:label id="lab_san_AccumulatedOtherComprehensiveIncomeNonControllingInterestsMember_e2990cfe-825e-47a4-b801-a084c0a025c1_verboseLabel_en" xlink:label="lab_san_AccumulatedOtherComprehensiveIncomeNonControllingInterestsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Accumulated Other Comprehensive Income Non Controlling Interests [Member]</link:label>
    <link:label id="lab_san_AccumulatedOtherComprehensiveIncomeNonControllingInterestsMember_label_en" xlink:label="lab_san_AccumulatedOtherComprehensiveIncomeNonControllingInterestsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Accumulated Other Comprehensive Income Non Controlling Interests [Member]</link:label>
    <link:label id="lab_san_AccumulatedOtherComprehensiveIncomeNonControllingInterestsMember_documentation_en" xlink:label="lab_san_AccumulatedOtherComprehensiveIncomeNonControllingInterestsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">This member stands for accumulated other comprehensive income in a subsidiary not attributable, directly or indirectly, to the parent. References</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_AccumulatedOtherComprehensiveIncomeNonControllingInterestsMember" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_AccumulatedOtherComprehensiveIncomeNonControllingInterestsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_AccumulatedOtherComprehensiveIncomeNonControllingInterestsMember" xlink:to="lab_san_AccumulatedOtherComprehensiveIncomeNonControllingInterestsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_san_CalledUpPaidCapital_label_en" xlink:label="lab_san_CalledUpPaidCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Called Up Paid Capital</link:label>
    <link:label id="lab_san_CalledUpPaidCapital_documentation_en" xlink:label="lab_san_CalledUpPaidCapital" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Called Up Paid Capital</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_CalledUpPaidCapital" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_CalledUpPaidCapital"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_CalledUpPaidCapital" xlink:to="lab_san_CalledUpPaidCapital" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AdministrativeExpense_b418bfcf-1b43-4492-9be6-936bbaca032d_totalLabel_en" xlink:label="lab_ifrs-full_AdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Administrative expenses</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AdministrativeExpense" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AdministrativeExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdministrativeExpense" xlink:to="lab_ifrs-full_AdministrativeExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_san_OtherPaymentsOfCashClassifiedAsInvestingActivities_label_en" xlink:label="lab_san_OtherPaymentsOfCashClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Payments Of Cash, Classified As Investing Activities</link:label>
    <link:label id="lab_san_OtherPaymentsOfCashClassifiedAsInvestingActivities_documentation_en" xlink:label="lab_san_OtherPaymentsOfCashClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Other Payments Of Cash, Classified As Investing Activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_OtherPaymentsOfCashClassifiedAsInvestingActivities" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_OtherPaymentsOfCashClassifiedAsInvestingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_OtherPaymentsOfCashClassifiedAsInvestingActivities" xlink:to="lab_san_OtherPaymentsOfCashClassifiedAsInvestingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_san_DepositsMember_dc5c781a-fad5-4319-a847-1cede08e2a98_verboseLabel_en" xlink:label="lab_san_DepositsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Deposits [Member]</link:label>
    <link:label id="lab_san_DepositsMember_label_en" xlink:label="lab_san_DepositsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Deposits [Member]</link:label>
    <link:label id="lab_san_DepositsMember_documentation_en" xlink:label="lab_san_DepositsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Amounts held on account by the entity representing a liability to the depositor. Deposits may take various forms (for example, demand deposits, saving deposits, Negotiable Order of Withdrawal (NOW) and time deposits) and may be categorized in multiple ways (such as, foreign and domestic, interest and noninterest bearing).</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_DepositsMember" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_DepositsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_DepositsMember" xlink:to="lab_san_DepositsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_san_LoansAndAdvancesCreditInstitutionsMember_907750d4-5afb-4a26-9443-e3016f7f9fd3_verboseLabel_en" xlink:label="lab_san_LoansAndAdvancesCreditInstitutionsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Loans And Advances Credit Institutions [Member]</link:label>
    <link:label id="lab_san_LoansAndAdvancesCreditInstitutionsMember_label_en" xlink:label="lab_san_LoansAndAdvancesCreditInstitutionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Loans And Advances Credit Institutions [Member]</link:label>
    <link:label id="lab_san_LoansAndAdvancesCreditInstitutionsMember_documentation_en" xlink:label="lab_san_LoansAndAdvancesCreditInstitutionsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">This member represents the credit of any nature, including deposits and money market operations, in the name of credit institutions.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_LoansAndAdvancesCreditInstitutionsMember" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_LoansAndAdvancesCreditInstitutionsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_LoansAndAdvancesCreditInstitutionsMember" xlink:to="lab_san_LoansAndAdvancesCreditInstitutionsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_InterestRevenueExpense_31a7aa06-4873-4883-9d26-eaebc089da6e_totalLabel_en" xlink:label="lab_ifrs-full_InterestRevenueExpense" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Interest income (expense)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InterestRevenueExpense" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_InterestRevenueExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestRevenueExpense" xlink:to="lab_ifrs-full_InterestRevenueExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipmentNotSubjectToOperatingLeasesMember_2bc9c37a-37ef-4d2c-992a-089a92d8eff2_verboseLabel_en" xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentNotSubjectToOperatingLeasesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Property, plant and equipment not subject to operating leases [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PropertyPlantAndEquipmentNotSubjectToOperatingLeasesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_PropertyPlantAndEquipmentNotSubjectToOperatingLeasesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PropertyPlantAndEquipmentNotSubjectToOperatingLeasesMember" xlink:to="lab_ifrs-full_PropertyPlantAndEquipmentNotSubjectToOperatingLeasesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_san_CommitmentsAndGuaranteesGivenProvisionMember_8a3e4c5c-6032-43d8-a4cf-3cef9fed503f_verboseLabel_en" xlink:label="lab_san_CommitmentsAndGuaranteesGivenProvisionMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Commitments And Guarantees Given Provision [Member]</link:label>
    <link:label id="lab_san_CommitmentsAndGuaranteesGivenProvisionMember_label_en" xlink:label="lab_san_CommitmentsAndGuaranteesGivenProvisionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Commitments And Guarantees Given Provision [Member]</link:label>
    <link:label id="lab_san_CommitmentsAndGuaranteesGivenProvisionMember_documentation_en" xlink:label="lab_san_CommitmentsAndGuaranteesGivenProvisionMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">This member represents the provision for commitments and guarantees given.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_CommitmentsAndGuaranteesGivenProvisionMember" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_CommitmentsAndGuaranteesGivenProvisionMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_CommitmentsAndGuaranteesGivenProvisionMember" xlink:to="lab_san_CommitmentsAndGuaranteesGivenProvisionMember" xlink:type="arc" order="1"/>
    <link:label id="lab_san_TaxesAndOtherLegalContingenciesProvisionMember_ca7aeab7-c008-42c3-a0c1-ef70269e35ab_verboseLabel_en" xlink:label="lab_san_TaxesAndOtherLegalContingenciesProvisionMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Taxes And Other Legal Contingencies Provision [Member]</link:label>
    <link:label id="lab_san_TaxesAndOtherLegalContingenciesProvisionMember_label_en" xlink:label="lab_san_TaxesAndOtherLegalContingenciesProvisionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Taxes And Other Legal Contingencies Provision [Member]</link:label>
    <link:label id="lab_san_TaxesAndOtherLegalContingenciesProvisionMember_documentation_en" xlink:label="lab_san_TaxesAndOtherLegalContingenciesProvisionMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">This member represents the provision for taxes and other legal contingencies.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_TaxesAndOtherLegalContingenciesProvisionMember" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_TaxesAndOtherLegalContingenciesProvisionMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_TaxesAndOtherLegalContingenciesProvisionMember" xlink:to="lab_san_TaxesAndOtherLegalContingenciesProvisionMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OutflowsOfCashFromInvestingActivities_a5de8cd0-7275-4a0f-9af5-17e5816c9df5_totalLabel_en" xlink:label="lab_ifrs-full_OutflowsOfCashFromInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Outflows of cash from investing activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OutflowsOfCashFromInvestingActivities" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OutflowsOfCashFromInvestingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OutflowsOfCashFromInvestingActivities" xlink:to="lab_ifrs-full_OutflowsOfCashFromInvestingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_san_OtherReclassificationAdjustmentsOnHedgingInstrumentsNotDesignatedBeforeTax_label_en" xlink:label="lab_san_OtherReclassificationAdjustmentsOnHedgingInstrumentsNotDesignatedBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Reclassification Adjustments On Hedging Instruments Not Designated, Before Tax</link:label>
    <link:label id="lab_san_OtherReclassificationAdjustmentsOnHedgingInstrumentsNotDesignatedBeforeTax_documentation_en" xlink:label="lab_san_OtherReclassificationAdjustmentsOnHedgingInstrumentsNotDesignatedBeforeTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Other Reclassification Adjustments On Hedging Instruments Not Designated, Before Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_OtherReclassificationAdjustmentsOnHedgingInstrumentsNotDesignatedBeforeTax" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_OtherReclassificationAdjustmentsOnHedgingInstrumentsNotDesignatedBeforeTax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_OtherReclassificationAdjustmentsOnHedgingInstrumentsNotDesignatedBeforeTax" xlink:to="lab_san_OtherReclassificationAdjustmentsOnHedgingInstrumentsNotDesignatedBeforeTax" xlink:type="arc" order="1"/>
    <link:label id="lab_san_LoansAndAdvancesCentralBanksMember_9bfeb17a-08b7-44b7-b80f-31125633760c_verboseLabel_en" xlink:label="lab_san_LoansAndAdvancesCentralBanksMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Loans And Advances Central Banks [Member]</link:label>
    <link:label id="lab_san_LoansAndAdvancesCentralBanksMember_label_en" xlink:label="lab_san_LoansAndAdvancesCentralBanksMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Loans And Advances Central Banks [Member]</link:label>
    <link:label id="lab_san_LoansAndAdvancesCentralBanksMember_documentation_en" xlink:label="lab_san_LoansAndAdvancesCentralBanksMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">This member stands for credit of any nature, including deposits and money market operations received from the central bank in the entity's domicile country or other central banks.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_LoansAndAdvancesCentralBanksMember" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_LoansAndAdvancesCentralBanksMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_LoansAndAdvancesCentralBanksMember" xlink:to="lab_san_LoansAndAdvancesCentralBanksMember" xlink:type="arc" order="1"/>
    <link:label id="lab_san_OtherGeneralAdministrativeExpenses_label_en" xlink:label="lab_san_OtherGeneralAdministrativeExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other General Administrative Expenses</link:label>
    <link:label id="lab_san_OtherGeneralAdministrativeExpenses_documentation_en" xlink:label="lab_san_OtherGeneralAdministrativeExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Other General Administrative Expenses</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_OtherGeneralAdministrativeExpenses" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_OtherGeneralAdministrativeExpenses"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_OtherGeneralAdministrativeExpenses" xlink:to="lab_san_OtherGeneralAdministrativeExpenses" xlink:type="arc" order="1"/>
    <link:label id="lab_san_InterimDividends_label_en" xlink:label="lab_san_InterimDividends" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Interim Dividends</link:label>
    <link:label id="lab_san_InterimDividends_documentation_en" xlink:label="lab_san_InterimDividends" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">The amount of shareholders' equity attributable to dividends.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_InterimDividends" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_InterimDividends"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_InterimDividends" xlink:to="lab_san_InterimDividends" xlink:type="arc" order="1"/>
    <link:label id="lab_san_OtherReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax_label_en" xlink:label="lab_san_OtherReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Reclassification Adjustments On Exchange Differences On Translation, Before Tax</link:label>
    <link:label id="lab_san_OtherReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax_documentation_en" xlink:label="lab_san_OtherReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Other Reclassification Adjustments On Exchange Differences On Translation, Before Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_OtherReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_OtherReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_OtherReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" xlink:to="lab_san_OtherReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" xlink:type="arc" order="1"/>
    <link:label id="lab_san_ReclassificationAdjustmentsOnNonCurrentAssetsClassifiedAsHeldForSaleBeforeTax_label_en" xlink:label="lab_san_ReclassificationAdjustmentsOnNonCurrentAssetsClassifiedAsHeldForSaleBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Reclassification Adjustments On Non-Current Assets Classified As Held For Sale, Before Tax</link:label>
    <link:label id="lab_san_ReclassificationAdjustmentsOnNonCurrentAssetsClassifiedAsHeldForSaleBeforeTax_documentation_en" xlink:label="lab_san_ReclassificationAdjustmentsOnNonCurrentAssetsClassifiedAsHeldForSaleBeforeTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Reclassification Adjustments On Non-Current Assets Classified As Held For Sale, Before Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_ReclassificationAdjustmentsOnNonCurrentAssetsClassifiedAsHeldForSaleBeforeTax" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_ReclassificationAdjustmentsOnNonCurrentAssetsClassifiedAsHeldForSaleBeforeTax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_ReclassificationAdjustmentsOnNonCurrentAssetsClassifiedAsHeldForSaleBeforeTax" xlink:to="lab_san_ReclassificationAdjustmentsOnNonCurrentAssetsClassifiedAsHeldForSaleBeforeTax" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember_d10b74c2-7383-4567-b34b-f11cd55df805_verboseLabel_en" xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Property, plant and equipment subject to operating leases [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember" xlink:to="lab_ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_san_TangibleAssets_53799419-28e1-4128-b82a-5abe36fd505f_totalLabel_en" xlink:label="lab_san_TangibleAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Tangible Assets</link:label>
    <link:label id="lab_san_TangibleAssets_label_en" xlink:label="lab_san_TangibleAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Tangible Assets</link:label>
    <link:label id="lab_san_TangibleAssets_documentation_en" xlink:label="lab_san_TangibleAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">The amount of tangible assets that are both held for use and expected to used during more than one period. May include property, plant and equipment and investment properties.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_TangibleAssets" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_TangibleAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_TangibleAssets" xlink:to="lab_san_TangibleAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_san_OutflowsOfCashFromFinancingActivities_993eea63-b8d5-4814-a42e-85cedd3c4893_totalLabel_en" xlink:label="lab_san_OutflowsOfCashFromFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Outflows Of Cash From Financing Activities</link:label>
    <link:label id="lab_san_OutflowsOfCashFromFinancingActivities_label_en" xlink:label="lab_san_OutflowsOfCashFromFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Outflows Of Cash From Financing Activities</link:label>
    <link:label id="lab_san_OutflowsOfCashFromFinancingActivities_documentation_en" xlink:label="lab_san_OutflowsOfCashFromFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">The cash outflow from financing activities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_OutflowsOfCashFromFinancingActivities" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_OutflowsOfCashFromFinancingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_OutflowsOfCashFromFinancingActivities" xlink:to="lab_san_OutflowsOfCashFromFinancingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_san_IssuanceOfOtherFinancialInstruments_label_en" xlink:label="lab_san_IssuanceOfOtherFinancialInstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Issuance Of Other Financial Instruments</link:label>
    <link:label id="lab_san_IssuanceOfOtherFinancialInstruments_documentation_en" xlink:label="lab_san_IssuanceOfOtherFinancialInstruments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Issuance Of Other Financial Instruments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_IssuanceOfOtherFinancialInstruments" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_IssuanceOfOtherFinancialInstruments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_IssuanceOfOtherFinancialInstruments" xlink:to="lab_san_IssuanceOfOtherFinancialInstruments" xlink:type="arc" order="1"/>
    <link:label id="lab_san_OtherReclassificationAdjustmentsOnHedgesOfNetInvestmentsInForeignOperationsBeforeTax_label_en" xlink:label="lab_san_OtherReclassificationAdjustmentsOnHedgesOfNetInvestmentsInForeignOperationsBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Reclassification Adjustments On Hedges Of Net Investments In Foreign Operations, Before Tax</link:label>
    <link:label id="lab_san_OtherReclassificationAdjustmentsOnHedgesOfNetInvestmentsInForeignOperationsBeforeTax_documentation_en" xlink:label="lab_san_OtherReclassificationAdjustmentsOnHedgesOfNetInvestmentsInForeignOperationsBeforeTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Other Reclassification Adjustments On Hedges Of Net Investments In Foreign Operations, Before Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_OtherReclassificationAdjustmentsOnHedgesOfNetInvestmentsInForeignOperationsBeforeTax" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_OtherReclassificationAdjustmentsOnHedgesOfNetInvestmentsInForeignOperationsBeforeTax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_OtherReclassificationAdjustmentsOnHedgesOfNetInvestmentsInForeignOperationsBeforeTax" xlink:to="lab_san_OtherReclassificationAdjustmentsOnHedgesOfNetInvestmentsInForeignOperationsBeforeTax" xlink:type="arc" order="1"/>
    <link:label id="lab_san_OtherReclassificationAdjustmentsOnCashFlowHedgesBeforeTax_label_en" xlink:label="lab_san_OtherReclassificationAdjustmentsOnCashFlowHedgesBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Reclassification Adjustments On Cash Flow Hedges, Before Tax</link:label>
    <link:label id="lab_san_OtherReclassificationAdjustmentsOnCashFlowHedgesBeforeTax_documentation_en" xlink:label="lab_san_OtherReclassificationAdjustmentsOnCashFlowHedgesBeforeTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Other Reclassification Adjustments On Cash Flow Hedges, Before Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_OtherReclassificationAdjustmentsOnCashFlowHedgesBeforeTax" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_OtherReclassificationAdjustmentsOnCashFlowHedgesBeforeTax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_OtherReclassificationAdjustmentsOnCashFlowHedgesBeforeTax" xlink:to="lab_san_OtherReclassificationAdjustmentsOnCashFlowHedgesBeforeTax" xlink:type="arc" order="1"/>
    <link:label id="lab_san_TaxAssets_4e3d572d-49f7-478f-a5e0-45eb33f1af2c_totalLabel_en" xlink:label="lab_san_TaxAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Tax assets</link:label>
    <link:label id="lab_san_TaxAssets_label_en" xlink:label="lab_san_TaxAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Tax Assets</link:label>
    <link:label id="lab_san_TaxAssets_documentation_en" xlink:label="lab_san_TaxAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">The excess of amount paid for tax in respect of current, prior, and future periods over the amount due for those periods.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_TaxAssets" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_TaxAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_TaxAssets" xlink:to="lab_san_TaxAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_san_GainsLossesOnFinancialAssetsAndLiabilitiesAtFairValueThroughProfitOrLoss_label_en" xlink:label="lab_san_GainsLossesOnFinancialAssetsAndLiabilitiesAtFairValueThroughProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gains Losses On Financial Assets And Liabilities At Fair Value Through Profit Or Loss</link:label>
    <link:label id="lab_san_GainsLossesOnFinancialAssetsAndLiabilitiesAtFairValueThroughProfitOrLoss_documentation_en" xlink:label="lab_san_GainsLossesOnFinancialAssetsAndLiabilitiesAtFairValueThroughProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Net amount of gains or losses on financial assets and liabilities at fair value through profit or loss.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_GainsLossesOnFinancialAssetsAndLiabilitiesAtFairValueThroughProfitOrLoss" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_GainsLossesOnFinancialAssetsAndLiabilitiesAtFairValueThroughProfitOrLoss"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_GainsLossesOnFinancialAssetsAndLiabilitiesAtFairValueThroughProfitOrLoss" xlink:to="lab_san_GainsLossesOnFinancialAssetsAndLiabilitiesAtFairValueThroughProfitOrLoss" xlink:type="arc" order="1"/>
    <link:label id="lab_san_DepositsCentralBanksMember_8cb6f64c-2a0d-4275-8e27-f3a3ea5eadf3_verboseLabel_en" xlink:label="lab_san_DepositsCentralBanksMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Deposits Central Banks [Member]</link:label>
    <link:label id="lab_san_DepositsCentralBanksMember_label_en" xlink:label="lab_san_DepositsCentralBanksMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Deposits Central Banks [Member]</link:label>
    <link:label id="lab_san_DepositsCentralBanksMember_documentation_en" xlink:label="lab_san_DepositsCentralBanksMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">This member represents deposits of any nature, including credit received and money market operations received from the central bank of the domicile country or other central banks.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_DepositsCentralBanksMember" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_DepositsCentralBanksMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_DepositsCentralBanksMember" xlink:to="lab_san_DepositsCentralBanksMember" xlink:type="arc" order="1"/>
    <link:label id="lab_san_ChangesInTheFairValueOfEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeHedgingInstrument_label_en" xlink:label="lab_san_ChangesInTheFairValueOfEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeHedgingInstrument" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Changes In The Fair Value Of Equity Instruments Measured At Fair Value Through Other Comprehensive Income (Hedging Instrument)</link:label>
    <link:label id="lab_san_ChangesInTheFairValueOfEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeHedgingInstrument_documentation_en" xlink:label="lab_san_ChangesInTheFairValueOfEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeHedgingInstrument" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Changes in the fair value of equity instruments measured at fair value through other comprehensive income (hedging instrument)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_ChangesInTheFairValueOfEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeHedgingInstrument" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_ChangesInTheFairValueOfEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeHedgingInstrument"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_ChangesInTheFairValueOfEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeHedgingInstrument" xlink:to="lab_san_ChangesInTheFairValueOfEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeHedgingInstrument" xlink:type="arc" order="1"/>
    <link:label id="lab_san_OtherFinancialAssetsAndLiabilitiesMember_3605a04b-d62f-46fa-9181-46b99208224b_verboseLabel_en" xlink:label="lab_san_OtherFinancialAssetsAndLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Other Financial Assets And Liabilities [Member]</link:label>
    <link:label id="lab_san_OtherFinancialAssetsAndLiabilitiesMember_label_en" xlink:label="lab_san_OtherFinancialAssetsAndLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Financial Assets And Liabilities [Member]</link:label>
    <link:label id="lab_san_OtherFinancialAssetsAndLiabilitiesMember_documentation_en" xlink:label="lab_san_OtherFinancialAssetsAndLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Other Financial Assets And Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_OtherFinancialAssetsAndLiabilitiesMember" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_OtherFinancialAssetsAndLiabilitiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_OtherFinancialAssetsAndLiabilitiesMember" xlink:to="lab_san_OtherFinancialAssetsAndLiabilitiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_san_OtherReclassificationAdjustmentsOnNonCurrentAssetsClassifiedAsHeldForSaleBeforeTax_label_en" xlink:label="lab_san_OtherReclassificationAdjustmentsOnNonCurrentAssetsClassifiedAsHeldForSaleBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Reclassification Adjustments On Non-Current Assets Classified As Held For Sale, Before Tax</link:label>
    <link:label id="lab_san_OtherReclassificationAdjustmentsOnNonCurrentAssetsClassifiedAsHeldForSaleBeforeTax_documentation_en" xlink:label="lab_san_OtherReclassificationAdjustmentsOnNonCurrentAssetsClassifiedAsHeldForSaleBeforeTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Other Reclassification Adjustments On Non-Current Assets Classified As Held For Sale, Before Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_OtherReclassificationAdjustmentsOnNonCurrentAssetsClassifiedAsHeldForSaleBeforeTax" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_OtherReclassificationAdjustmentsOnNonCurrentAssetsClassifiedAsHeldForSaleBeforeTax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_OtherReclassificationAdjustmentsOnNonCurrentAssetsClassifiedAsHeldForSaleBeforeTax" xlink:to="lab_san_OtherReclassificationAdjustmentsOnNonCurrentAssetsClassifiedAsHeldForSaleBeforeTax" xlink:type="arc" order="1"/>
    <link:label id="lab_san_InterestIncomeFromOtherFinancialAssetsMember_9ba40a4f-ef6d-47f0-a659-a71d28784d8c_verboseLabel_en" xlink:label="lab_san_InterestIncomeFromOtherFinancialAssetsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Interest Income From Other Financial Assets [Member]</link:label>
    <link:label id="lab_san_InterestIncomeFromOtherFinancialAssetsMember_label_en" xlink:label="lab_san_InterestIncomeFromOtherFinancialAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Interest Income From Other Financial Assets [Member]</link:label>
    <link:label id="lab_san_InterestIncomeFromOtherFinancialAssetsMember_documentation_en" xlink:label="lab_san_InterestIncomeFromOtherFinancialAssetsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Interest Income From Other Financial Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_InterestIncomeFromOtherFinancialAssetsMember" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_InterestIncomeFromOtherFinancialAssetsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_InterestIncomeFromOtherFinancialAssetsMember" xlink:to="lab_san_InterestIncomeFromOtherFinancialAssetsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_san_MaturityOfOtherFinancialInstruments_label_en" xlink:label="lab_san_MaturityOfOtherFinancialInstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Maturity Of Other Financial Instruments</link:label>
    <link:label id="lab_san_MaturityOfOtherFinancialInstruments_documentation_en" xlink:label="lab_san_MaturityOfOtherFinancialInstruments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Maturity Of Other Financial Instruments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_MaturityOfOtherFinancialInstruments" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_MaturityOfOtherFinancialInstruments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_MaturityOfOtherFinancialInstruments" xlink:to="lab_san_MaturityOfOtherFinancialInstruments" xlink:type="arc" order="1"/>
    <link:label id="lab_san_InsuranceContractsLinkedToPensions_label_en" xlink:label="lab_san_InsuranceContractsLinkedToPensions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Insurance Contracts Linked To Pensions</link:label>
    <link:label id="lab_san_InsuranceContractsLinkedToPensions_documentation_en" xlink:label="lab_san_InsuranceContractsLinkedToPensions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Insurance Contracts Linked To Pensions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_InsuranceContractsLinkedToPensions" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_InsuranceContractsLinkedToPensions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_InsuranceContractsLinkedToPensions" xlink:to="lab_san_InsuranceContractsLinkedToPensions" xlink:type="arc" order="1"/>
    <link:label id="lab_san_IncreaseDecreaseThroughTransfersBetweenEquityItems_label_en" xlink:label="lab_san_IncreaseDecreaseThroughTransfersBetweenEquityItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Increase (Decrease) Through Transfers Between Equity Items</link:label>
    <link:label id="lab_san_IncreaseDecreaseThroughTransfersBetweenEquityItems_documentation_en" xlink:label="lab_san_IncreaseDecreaseThroughTransfersBetweenEquityItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">The increase (decrease) in equity resulting from transfers between equity items.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_IncreaseDecreaseThroughTransfersBetweenEquityItems" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_IncreaseDecreaseThroughTransfersBetweenEquityItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_IncreaseDecreaseThroughTransfersBetweenEquityItems" xlink:to="lab_san_IncreaseDecreaseThroughTransfersBetweenEquityItems" xlink:type="arc" order="1"/>
    <link:label id="lab_san_GainsLossesOnNoncurrentAssetsHeldForSaleNotClassifiedAsDiscontinuedOperations_label_en" xlink:label="lab_san_GainsLossesOnNoncurrentAssetsHeldForSaleNotClassifiedAsDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gains (Losses) On Noncurrent Assets Held For Sale Not Classified As Discontinued Operations</link:label>
    <link:label id="lab_san_GainsLossesOnNoncurrentAssetsHeldForSaleNotClassifiedAsDiscontinuedOperations_documentation_en" xlink:label="lab_san_GainsLossesOnNoncurrentAssetsHeldForSaleNotClassifiedAsDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">The gains (losses) on disposals of non-current assets held for sale that are not classified as discontinued operations.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_GainsLossesOnNoncurrentAssetsHeldForSaleNotClassifiedAsDiscontinuedOperations" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_GainsLossesOnNoncurrentAssetsHeldForSaleNotClassifiedAsDiscontinuedOperations"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_GainsLossesOnNoncurrentAssetsHeldForSaleNotClassifiedAsDiscontinuedOperations" xlink:to="lab_san_GainsLossesOnNoncurrentAssetsHeldForSaleNotClassifiedAsDiscontinuedOperations" xlink:type="arc" order="1"/>
    <link:label id="lab_san_TaxLiabilities_d89dd181-7456-48ca-83b6-63ab50c06d02_totalLabel_en" xlink:label="lab_san_TaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Tax Liabilities</link:label>
    <link:label id="lab_san_TaxLiabilities_label_en" xlink:label="lab_san_TaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Tax Liabilities</link:label>
    <link:label id="lab_san_TaxLiabilities_documentation_en" xlink:label="lab_san_TaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">The amount of tax for current, prior, and future periods to the extent unpaid.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_TaxLiabilities" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_TaxLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_TaxLiabilities" xlink:to="lab_san_TaxLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_san_PaymentsToAcquireEntityShares_label_en" xlink:label="lab_san_PaymentsToAcquireEntityShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Payments To Acquire Entity Shares</link:label>
    <link:label id="lab_san_PaymentsToAcquireEntityShares_documentation_en" xlink:label="lab_san_PaymentsToAcquireEntityShares" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">The cash outflow to acquire entity's shares.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_PaymentsToAcquireEntityShares" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_PaymentsToAcquireEntityShares"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_PaymentsToAcquireEntityShares" xlink:to="lab_san_PaymentsToAcquireEntityShares" xlink:type="arc" order="1"/>
    <link:label id="lab_san_ReservesOrAccumulatedLossesInJointVenturesInvestments_label_en" xlink:label="lab_san_ReservesOrAccumulatedLossesInJointVenturesInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Reserves Or Accumulated Losses In Joint Ventures Investments</link:label>
    <link:label id="lab_san_ReservesOrAccumulatedLossesInJointVenturesInvestments_documentation_en" xlink:label="lab_san_ReservesOrAccumulatedLossesInJointVenturesInvestments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">A component of other reserves within equity representing reserves or accumulated losses in joint ventures investments.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_ReservesOrAccumulatedLossesInJointVenturesInvestments" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_ReservesOrAccumulatedLossesInJointVenturesInvestments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_ReservesOrAccumulatedLossesInJointVenturesInvestments" xlink:to="lab_san_ReservesOrAccumulatedLossesInJointVenturesInvestments" xlink:type="arc" order="1"/>
    <link:label id="lab_san_GainsLossesOnFinancialAssetsAndLiabilitiesHeldForTrading_label_en" xlink:label="lab_san_GainsLossesOnFinancialAssetsAndLiabilitiesHeldForTrading" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gains Losses On Financial Assets And Liabilities Held For Trading</link:label>
    <link:label id="lab_san_GainsLossesOnFinancialAssetsAndLiabilitiesHeldForTrading_documentation_en" xlink:label="lab_san_GainsLossesOnFinancialAssetsAndLiabilitiesHeldForTrading" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Amount of gains or losses on financial assets and liabilities held for trading.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_GainsLossesOnFinancialAssetsAndLiabilitiesHeldForTrading" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_GainsLossesOnFinancialAssetsAndLiabilitiesHeldForTrading"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_GainsLossesOnFinancialAssetsAndLiabilitiesHeldForTrading" xlink:to="lab_san_GainsLossesOnFinancialAssetsAndLiabilitiesHeldForTrading" xlink:type="arc" order="1"/>
    <link:label id="lab_san_DebtInstrumentsMember_977f1200-6416-489c-a535-d87c4a085c87_verboseLabel_en" xlink:label="lab_san_DebtInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Debt Instruments [Member]</link:label>
    <link:label id="lab_san_DebtInstrumentsMember_label_en" xlink:label="lab_san_DebtInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Debt Instruments [Member]</link:label>
    <link:label id="lab_san_DebtInstrumentsMember_documentation_en" xlink:label="lab_san_DebtInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">This member stands for the amount of bonds and other debt represented by marketable securities, other than those having the substance of subordinated liabilities (amount of the loans received, which for credit priority purposes are after common creditors, and includes the amount of the financial instruments issued by the entity which, having the legal nature of capital, do not meet the requirements to qualify as equity, such as certain preferred shares issued). This item includes the component that has the consideration of financial liability of the securities issued that are compound financial instruments.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_DebtInstrumentsMember" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_DebtInstrumentsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_DebtInstrumentsMember" xlink:to="lab_san_DebtInstrumentsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_san_ChangesInTheFairValueOfEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeHedgedItem_label_en" xlink:label="lab_san_ChangesInTheFairValueOfEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeHedgedItem" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Changes In The Fair Value Of Equity Instruments Measured At Fair Value Through Other Comprehensive Income (Hedged Item)</link:label>
    <link:label id="lab_san_ChangesInTheFairValueOfEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeHedgedItem_documentation_en" xlink:label="lab_san_ChangesInTheFairValueOfEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeHedgedItem" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Changes In The Fair Value Of Equity Instruments Measured At Fair Value Through Other Comprehensive Income (Hedged Item)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_ChangesInTheFairValueOfEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeHedgedItem" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_ChangesInTheFairValueOfEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeHedgedItem"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_ChangesInTheFairValueOfEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeHedgedItem" xlink:to="lab_san_ChangesInTheFairValueOfEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeHedgedItem" xlink:type="arc" order="1"/>
    <link:label id="lab_san_OtherLongTermEmployeeBenefitsProvisionMember_ffac4ceb-0908-43a7-ba70-18da7043b4ee_verboseLabel_en" xlink:label="lab_san_OtherLongTermEmployeeBenefitsProvisionMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Other Long Term Employee Benefits Provision [Member]</link:label>
    <link:label id="lab_san_OtherLongTermEmployeeBenefitsProvisionMember_label_en" xlink:label="lab_san_OtherLongTermEmployeeBenefitsProvisionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Long Term Employee Benefits Provision [Member]</link:label>
    <link:label id="lab_san_OtherLongTermEmployeeBenefitsProvisionMember_documentation_en" xlink:label="lab_san_OtherLongTermEmployeeBenefitsProvisionMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">This member represents the provision for other long term employee benefits.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_OtherLongTermEmployeeBenefitsProvisionMember" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_OtherLongTermEmployeeBenefitsProvisionMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_OtherLongTermEmployeeBenefitsProvisionMember" xlink:to="lab_san_OtherLongTermEmployeeBenefitsProvisionMember" xlink:type="arc" order="1"/>
    <link:label id="lab_san_OtherFinancialLiabilitiesMember_6ff6fa6c-dc15-4acc-8d73-f36ad6dfcdad_verboseLabel_en" xlink:label="lab_san_OtherFinancialLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Other Financial Liabilities [Member]</link:label>
    <link:label id="lab_san_OtherFinancialLiabilitiesMember_label_en" xlink:label="lab_san_OtherFinancialLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Financial Liabilities [Member]</link:label>
    <link:label id="lab_san_OtherFinancialLiabilitiesMember_documentation_en" xlink:label="lab_san_OtherFinancialLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">This member represents the amount of payment obligations having the nature of financial liabilities not included in other items, and liabilities under financial guarantee contracts, unless they have been classified as non-performing.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_OtherFinancialLiabilitiesMember" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_OtherFinancialLiabilitiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_OtherFinancialLiabilitiesMember" xlink:to="lab_san_OtherFinancialLiabilitiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_san_TransferFromEquityToLiabilities_label_en" xlink:label="lab_san_TransferFromEquityToLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Transfer From Equity To Liabilities</link:label>
    <link:label id="lab_san_TransferFromEquityToLiabilities_documentation_en" xlink:label="lab_san_TransferFromEquityToLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Transfer From Equity To Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_TransferFromEquityToLiabilities" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_TransferFromEquityToLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_TransferFromEquityToLiabilities" xlink:to="lab_san_TransferFromEquityToLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_san_OtherInstrumentsNotCapitalMember_label_en" xlink:label="lab_san_OtherInstrumentsNotCapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Instruments Not Capital [Member]</link:label>
    <link:label id="lab_san_OtherInstrumentsNotCapitalMember_documentation_en" xlink:label="lab_san_OtherInstrumentsNotCapitalMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">This member stands for other-than-capital instruments, which are a component of total equity.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_OtherInstrumentsNotCapitalMember" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_OtherInstrumentsNotCapitalMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_OtherInstrumentsNotCapitalMember" xlink:to="lab_san_OtherInstrumentsNotCapitalMember" xlink:type="arc" order="1"/>
    <link:label id="lab_san_AdjustmentsForIncreaseDecreaseInOperatingLiabilities_c6abc72b-1c18-46e8-88f9-706f542c7471_totalLabel_en" xlink:label="lab_san_AdjustmentsForIncreaseDecreaseInOperatingLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Adjustments For Increase Decrease In Operating Liabilities</link:label>
    <link:label id="lab_san_AdjustmentsForIncreaseDecreaseInOperatingLiabilities_label_en" xlink:label="lab_san_AdjustmentsForIncreaseDecreaseInOperatingLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Adjustments For Increase Decrease In Operating Liabilities</link:label>
    <link:label id="lab_san_AdjustmentsForIncreaseDecreaseInOperatingLiabilities_documentation_en" xlink:label="lab_san_AdjustmentsForIncreaseDecreaseInOperatingLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Adjustments for increase (decrease) in operating liabilities to reconcile profit (loss) to net cash flow from (used in) operating activities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_AdjustmentsForIncreaseDecreaseInOperatingLiabilities" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_AdjustmentsForIncreaseDecreaseInOperatingLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_AdjustmentsForIncreaseDecreaseInOperatingLiabilities" xlink:to="lab_san_AdjustmentsForIncreaseDecreaseInOperatingLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_san_MiscellaneousOtherReserves_label_en" xlink:label="lab_san_MiscellaneousOtherReserves" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Miscellaneous Other Reserves</link:label>
    <link:label id="lab_san_MiscellaneousOtherReserves_documentation_en" xlink:label="lab_san_MiscellaneousOtherReserves" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">A component of other reserves within equity representing reserves not otherwise specified.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_MiscellaneousOtherReserves" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_MiscellaneousOtherReserves"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_MiscellaneousOtherReserves" xlink:to="lab_san_MiscellaneousOtherReserves" xlink:type="arc" order="1"/>
    <link:label id="lab_san_PurchaseOfNonCurrentAssetsAndLiabilitiesClassifiedAsHeldForSale_label_en" xlink:label="lab_san_PurchaseOfNonCurrentAssetsAndLiabilitiesClassifiedAsHeldForSale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Purchase Of Non-Current Assets And Liabilities Classified As Held-For-Sale</link:label>
    <link:label id="lab_san_PurchaseOfNonCurrentAssetsAndLiabilitiesClassifiedAsHeldForSale_documentation_en" xlink:label="lab_san_PurchaseOfNonCurrentAssetsAndLiabilitiesClassifiedAsHeldForSale" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Purchase Of Non-Current Assets And Liabilities Classified As Held-For-Sale</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_PurchaseOfNonCurrentAssetsAndLiabilitiesClassifiedAsHeldForSale" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_PurchaseOfNonCurrentAssetsAndLiabilitiesClassifiedAsHeldForSale"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_PurchaseOfNonCurrentAssetsAndLiabilitiesClassifiedAsHeldForSale" xlink:to="lab_san_PurchaseOfNonCurrentAssetsAndLiabilitiesClassifiedAsHeldForSale" xlink:type="arc" order="1"/>
    <link:label id="lab_san_LoansAndAdvancesCustomersMember_9deb7e68-4f8e-48d5-9f23-b41a6cf5d2aa_verboseLabel_en" xlink:label="lab_san_LoansAndAdvancesCustomersMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Loans And Advances Customers [Member]</link:label>
    <link:label id="lab_san_LoansAndAdvancesCustomersMember_label_en" xlink:label="lab_san_LoansAndAdvancesCustomersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Loans And Advances Customers [Member]</link:label>
    <link:label id="lab_san_LoansAndAdvancesCustomersMember_documentation_en" xlink:label="lab_san_LoansAndAdvancesCustomersMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">This member represents the loans and advances made to customers, including money market operations through central counterparties. Excludes loans and advances at central banks and credit institutions.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_LoansAndAdvancesCustomersMember" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_LoansAndAdvancesCustomersMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_LoansAndAdvancesCustomersMember" xlink:to="lab_san_LoansAndAdvancesCustomersMember" xlink:type="arc" order="1"/>
    <link:label id="lab_san_OtherOperatingIncome_label_en" xlink:label="lab_san_OtherOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Operating Income</link:label>
    <link:label id="lab_san_OtherOperatingIncome_documentation_en" xlink:label="lab_san_OtherOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">The amount of operating income that the entity does not separately disclose in the same statement or note.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_OtherOperatingIncome" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_OtherOperatingIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_OtherOperatingIncome" xlink:to="lab_san_OtherOperatingIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_san_IssuanceOfPreferredShares_label_en" xlink:label="lab_san_IssuanceOfPreferredShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Issuance Of Preferred Shares</link:label>
    <link:label id="lab_san_IssuanceOfPreferredShares_documentation_en" xlink:label="lab_san_IssuanceOfPreferredShares" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Issuance Of Preferred Shares</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_IssuanceOfPreferredShares" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_IssuanceOfPreferredShares"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_IssuanceOfPreferredShares" xlink:to="lab_san_IssuanceOfPreferredShares" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_GrossProfit_cc57e8b0-3406-491b-a51d-65f5973e7340_totalLabel_en" xlink:label="lab_ifrs-full_GrossProfit" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Gross profit</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_GrossProfit" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_GrossProfit"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GrossProfit" xlink:to="lab_ifrs-full_GrossProfit" xlink:type="arc" order="1"/>
    <link:label id="lab_san_AccumulatedOtherComprehensiveIncomeAttributableToNonControllingInterests_label_en" xlink:label="lab_san_AccumulatedOtherComprehensiveIncomeAttributableToNonControllingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Accumulated Other Comprehensive Income Attributable To Non-controlling Interests</link:label>
    <link:label id="lab_san_AccumulatedOtherComprehensiveIncomeAttributableToNonControllingInterests_documentation_en" xlink:label="lab_san_AccumulatedOtherComprehensiveIncomeAttributableToNonControllingInterests" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">The amount attributable to non-controlling interest of accumulated items of income and expense (including reclassification adjustments) that are not recognized in profit or loss as required or permitted by other IFRSs.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_AccumulatedOtherComprehensiveIncomeAttributableToNonControllingInterests" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_AccumulatedOtherComprehensiveIncomeAttributableToNonControllingInterests"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_AccumulatedOtherComprehensiveIncomeAttributableToNonControllingInterests" xlink:to="lab_san_AccumulatedOtherComprehensiveIncomeAttributableToNonControllingInterests" xlink:type="arc" order="1"/>
    <link:label id="lab_san_AccumulatedOtherComprehensiveIncomeAttributableToOwnersOfParentMember_label_en" xlink:label="lab_san_AccumulatedOtherComprehensiveIncomeAttributableToOwnersOfParentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Accumulated Other Comprehensive Income Attributable To Owners Of Parent [Member]</link:label>
    <link:label id="lab_san_AccumulatedOtherComprehensiveIncomeAttributableToOwnersOfParentMember_documentation_en" xlink:label="lab_san_AccumulatedOtherComprehensiveIncomeAttributableToOwnersOfParentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">This member stands for accumulated other comprehensive income that is attributable to owners of the parent.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_AccumulatedOtherComprehensiveIncomeAttributableToOwnersOfParentMember" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_AccumulatedOtherComprehensiveIncomeAttributableToOwnersOfParentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_AccumulatedOtherComprehensiveIncomeAttributableToOwnersOfParentMember" xlink:to="lab_san_AccumulatedOtherComprehensiveIncomeAttributableToOwnersOfParentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_san_EquityAttributableToOwnersOfParentExcludingAccumulatedOtherComprehensiveIncome_0bd703a0-332d-4407-8c89-801a25c5e24f_totalLabel_en" xlink:label="lab_san_EquityAttributableToOwnersOfParentExcludingAccumulatedOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Equity Attributable To Owners Of Parent Excluding Accumulated Other Comprehensive Income</link:label>
    <link:label id="lab_san_EquityAttributableToOwnersOfParentExcludingAccumulatedOtherComprehensiveIncome_label_en" xlink:label="lab_san_EquityAttributableToOwnersOfParentExcludingAccumulatedOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Equity Attributable To Owners Of Parent Excluding Accumulated Other Comprehensive Income</link:label>
    <link:label id="lab_san_EquityAttributableToOwnersOfParentExcludingAccumulatedOtherComprehensiveIncome_documentation_en" xlink:label="lab_san_EquityAttributableToOwnersOfParentExcludingAccumulatedOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Equity Attributable To Owners Of Parent Excluding Accumulated Other Comprehensive Income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_EquityAttributableToOwnersOfParentExcludingAccumulatedOtherComprehensiveIncome" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_EquityAttributableToOwnersOfParentExcludingAccumulatedOtherComprehensiveIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_EquityAttributableToOwnersOfParentExcludingAccumulatedOtherComprehensiveIncome" xlink:to="lab_san_EquityAttributableToOwnersOfParentExcludingAccumulatedOtherComprehensiveIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AssetsAbstract_2f4a64a2-bb1d-4931-a890-5db9303c38d9_verboseLabel_en" xlink:label="lab_ifrs-full_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Assets [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AssetsAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_AssetsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AssetsAbstract" xlink:to="lab_ifrs-full_AssetsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_san_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesDesignatedAtFairValueThroughProfitOrLoss_label_en" xlink:label="lab_san_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesDesignatedAtFairValueThroughProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Adjustments For Increase Decrease In Financial Liabilities Designated At Fair Value Through Profit Or Loss</link:label>
    <link:label id="lab_san_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesDesignatedAtFairValueThroughProfitOrLoss_documentation_en" xlink:label="lab_san_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesDesignatedAtFairValueThroughProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Adjustments for increase (decrease) in financial liabilities designated at fair value through profit or loss to reconcile profit (loss) to net cash flow from (used in) operating activities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesDesignatedAtFairValueThroughProfitOrLoss" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesDesignatedAtFairValueThroughProfitOrLoss"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesDesignatedAtFairValueThroughProfitOrLoss" xlink:to="lab_san_AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesDesignatedAtFairValueThroughProfitOrLoss" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities_0872e901-6b55-457b-85bf-1d50c6e509c7_totalLabel_en" xlink:label="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Cash flows from (used in) investing activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_InflowsOfCashFromInvestingActivities_64c5bb0c-c02b-4f97-8fa5-00b280e11f30_totalLabel_en" xlink:label="lab_ifrs-full_InflowsOfCashFromInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Inflows of cash from investing activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InflowsOfCashFromInvestingActivities" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_InflowsOfCashFromInvestingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InflowsOfCashFromInvestingActivities" xlink:to="lab_ifrs-full_InflowsOfCashFromInvestingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_san_DepositsCustomersMember_68b2b354-8ab3-447e-a6cd-5a15351830cf_verboseLabel_en" xlink:label="lab_san_DepositsCustomersMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Deposits Customers [Member]</link:label>
    <link:label id="lab_san_DepositsCustomersMember_label_en" xlink:label="lab_san_DepositsCustomersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Deposits Customers [Member]</link:label>
    <link:label id="lab_san_DepositsCustomersMember_documentation_en" xlink:label="lab_san_DepositsCustomersMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">This member represents amounts held on account by the entity for customers, including money market operations through central counterparties. Excludes deposits at central banks and credit institutions.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_DepositsCustomersMember" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_DepositsCustomersMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_DepositsCustomersMember" xlink:to="lab_san_DepositsCustomersMember" xlink:type="arc" order="1"/>
    <link:label id="lab_san_OtherOperatingExpense_label_en" xlink:label="lab_san_OtherOperatingExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Operating Expense</link:label>
    <link:label id="lab_san_OtherOperatingExpense_documentation_en" xlink:label="lab_san_OtherOperatingExpense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">The amount of operating expense that the entity does not separately disclose in the same statement or note.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_OtherOperatingExpense" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_OtherOperatingExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_OtherOperatingExpense" xlink:to="lab_san_OtherOperatingExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_san_OtherComprehensiveIncomeBeforeTaxNonCurrentAssetsClassifiedAsHeldForSale_0900814a-85ae-477e-96c2-f805e2cc233e_totalLabel_en" xlink:label="lab_san_OtherComprehensiveIncomeBeforeTaxNonCurrentAssetsClassifiedAsHeldForSale" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Other Comprehensive Income, Before Tax, Non-Current Assets Classified As Held-For-Sale</link:label>
    <link:label id="lab_san_OtherComprehensiveIncomeBeforeTaxNonCurrentAssetsClassifiedAsHeldForSale_label_en" xlink:label="lab_san_OtherComprehensiveIncomeBeforeTaxNonCurrentAssetsClassifiedAsHeldForSale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Other Comprehensive Income, Before Tax, Non-Current Assets Classified As Held-For-Sale</link:label>
    <link:label id="lab_san_OtherComprehensiveIncomeBeforeTaxNonCurrentAssetsClassifiedAsHeldForSale_documentation_en" xlink:label="lab_san_OtherComprehensiveIncomeBeforeTaxNonCurrentAssetsClassifiedAsHeldForSale" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Other Comprehensive Income, Before Tax, Non-Current Assets Classified As Held-For-Sale</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_OtherComprehensiveIncomeBeforeTaxNonCurrentAssetsClassifiedAsHeldForSale" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_OtherComprehensiveIncomeBeforeTaxNonCurrentAssetsClassifiedAsHeldForSale"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_OtherComprehensiveIncomeBeforeTaxNonCurrentAssetsClassifiedAsHeldForSale" xlink:to="lab_san_OtherComprehensiveIncomeBeforeTaxNonCurrentAssetsClassifiedAsHeldForSale" xlink:type="arc" order="1"/>
    <link:label id="lab_san_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughOtherComprehensiveIncome_label_en" xlink:label="lab_san_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Adjustments For Decrease Increase In Financial Assets At Fair Value Through Other Comprehensive Income</link:label>
    <link:label id="lab_san_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughOtherComprehensiveIncome_documentation_en" xlink:label="lab_san_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Adjustments for decrease (increase) in financial assets at fair value through other comprehensive income to reconcile profit (loss) to net cash flow from (used in) operating activities.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughOtherComprehensiveIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xlink:to="lab_san_AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_san_ImpairmentLossOrReversalOfImpairmentRecognisedInProfitOrLossTangibleAssets_label_en" xlink:label="lab_san_ImpairmentLossOrReversalOfImpairmentRecognisedInProfitOrLossTangibleAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Impairment Loss Or Reversal Of Impairment Recognised In Profit Or Loss, Tangible Assets</link:label>
    <link:label id="lab_san_ImpairmentLossOrReversalOfImpairmentRecognisedInProfitOrLossTangibleAssets_documentation_en" xlink:label="lab_san_ImpairmentLossOrReversalOfImpairmentRecognisedInProfitOrLossTangibleAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Net amount of impairment loss or reversal of impairment recognized in profit or loss on tangible assets.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_ImpairmentLossOrReversalOfImpairmentRecognisedInProfitOrLossTangibleAssets" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_ImpairmentLossOrReversalOfImpairmentRecognisedInProfitOrLossTangibleAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_ImpairmentLossOrReversalOfImpairmentRecognisedInProfitOrLossTangibleAssets" xlink:to="lab_san_ImpairmentLossOrReversalOfImpairmentRecognisedInProfitOrLossTangibleAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_san_ReclassifiedFinancialAssetsFromAmortizedCostMember_94e2da03-86a3-45a8-9dd3-076f4e2beb23_verboseLabel_en" xlink:label="lab_san_ReclassifiedFinancialAssetsFromAmortizedCostMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Reclassified Financial Assets From Amortized Cost [Member]</link:label>
    <link:label id="lab_san_ReclassifiedFinancialAssetsFromAmortizedCostMember_label_en" xlink:label="lab_san_ReclassifiedFinancialAssetsFromAmortizedCostMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Reclassified Financial Assets From Amortized Cost [Member]</link:label>
    <link:label id="lab_san_ReclassifiedFinancialAssetsFromAmortizedCostMember_documentation_en" xlink:label="lab_san_ReclassifiedFinancialAssetsFromAmortizedCostMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Reclassified Financial Assets From Amortized Cost</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_san_ReclassifiedFinancialAssetsFromAmortizedCostMember" xlink:href="5493006QMFDDMYWIAM13-2023-12-31.xsd#san_ReclassifiedFinancialAssetsFromAmortizedCostMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_san_ReclassifiedFinancialAssetsFromAmortizedCostMember" xlink:to="lab_san_ReclassifiedFinancialAssetsFromAmortizedCostMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_aed24972-ca4b-4cb1-a8ae-8d3cb79eb571_verboseLabel_en" xlink:label="lab_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en">Financial assets at fair value through other comprehensive income, category [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:to="lab_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnHedgingInstrumentsThatHedgeInvestmentsInEquityInstruments_eb6ff8a3-ea91-426c-be8a-84ef2ea48602_totalLabel_en" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnHedgingInstrumentsThatHedgeInvestmentsInEquityInstruments" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Other comprehensive income, before tax, gains (losses) on hedging instruments that hedge investments in equity instruments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnHedgingInstrumentsThatHedgeInvestmentsInEquityInstruments" xlink:href="https://xbrl.ifrs.org/taxonomy/2022-03-24/full_ifrs/full_ifrs-cor_2022-03-24.xsd#ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnHedgingInstrumentsThatHedgeInvestmentsInEquityInstruments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnHedgingInstrumentsThatHedgeInvestmentsInEquityInstruments" xlink:to="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnHedgingInstrumentsThatHedgeInvestmentsInEquityInstruments" xlink:type="arc" order="1"/>
    <link:label id="lab_san_GainsLossesOnFinancialAssetsAndLiabilitiesNotMeasuredAtFairValueThroughProfitOrLossNet_label_en" xlink:label="lab_san_GainsLossesOnFinancialAssetsAndLiabilitiesNotMeasuredAtFairValueThroughProfitOrLossNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gains Losses On Financial Assets And Liabilities Not Measured At Fair Value Through Profit Or Loss Net</link:label>
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    <link:label id="lab_san_ShortPositionsMember_documentation_en" xlink:label="lab_san_ShortPositionsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">This member represents the amount of financial liabilities arising from the outright sale of financial assets acquired under reverse repurchase agreements or borrowed.</link:label>
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