Santander Private Banking (SPB) has created Private Wealth, an initiative aimed at offering services to ultra-high net worth individuals.
Private Wealth, to be part of Santander’s wealth management division, targets clients with at least €20 million in assets that currently form a client base of 1,500 individuals.
The initiative focuses on higher value-added and more customised services, based on specific client needs. Its offering includes traditional and alternative investments and advisory on succession planning, as well as support for the next generation of clients’ families and businesses through Santander’s partnership with 1,300 universities worldwide.
This service will be delivered by a team of specialised bankers and coordinated through SPB’s unique global relationship model to ensure that both local and international needs of clients are seamlessly managed.
The initiative will also include the deployment of cutting-edge, customised digital tools to track investments and simplify processes.
Victor Matarranz, head of Wealth Management said: “Our global reach, combined with a strong local presence in our main markets means we are well positioned to become the best wealth manager in Europe and the Americas”.
Santander Private Banking, which forms part of the new Wealth Management division created last year, serves 170,000 clients in the main markets in which the bank operates. The division had total assets under management of €333bn as at 30 September 2018.