Spanish financial group Santander has announced the creation of a new global wealth management division which will encompasses its international private banking and asset management businesses.
The unit will be led by Victor Matarranz, who was hitherto Santander’s head of Group Strategy.
The new structure aims at providing better service to the group’s global private banking customers and build on its competitive advantage in 10 major markets.
Therefore the move will see Santander’s asset management line integrated into the bank’s operations. That will enable the new division to leverage the group’s capabilities in order to improve its operational efficiency.
The teams of the private banking and asset management units in countries will have a dual reporting line to the local country heads and Victor Matarranz.
Enrique Álvarez will succeed Matarranz as head of Group Strategy.
Matarranz will report to Santander’s CEO, José Antonio Álvarez, and Álvarez to the group’s executive chairman, Ana Botín.
Santander Private Banking currently manages more than €160bn in customer funds, some of which are managed within the €180bn of assets under management in Santander Asset Management.
The new wealth management unit will seek to increase these assets by double digits annually to 2020.
Santander recently bolstered its manager research and selection team, headed by José María Martínez-Sanjuán, with the hire of Cipriano Sancho.
Ana Botín said: “Our goal is to accelerate our digital transformation to meet the financial needs of our 131 million customers, at all times and from anywhere, in a simple, personal and fair way. The new global wealth management division will play a key role in this transformation in a very important segment for us in all our geographies that requires a combination of global and local service”.
José Antonio Álvarez said: “Private banking and asset management offer Santander an excellent opportunity for growth. We have set very ambitious goals for ourselves and I trust we will achieve them. The Santander model is perfectly fit to build a worldwide leader in wealth management based on cooperation and efficiency”.