Uruguay's best international private bank 2023: Santander Private Banking
Uruguay may often be overshadowed by Brazil and Argentina, but private banking clients in the country have access to the same exemplary service as those in its larger neighbours. The uniting factor is Santander Private Banking – winner of Best International Private Bank in each of those three markets.
In Uruguay, the firm relies on a team of four bankers and an investment advisor across Montevideo, Salto, Colonia, and Punta del Este all dedicated to the local market. This may seem like a modest sized-team, but few local competitors can match it. As an international firm, meanwhile, the bank can point to its fully-licensed private banking operations in Miami and Geneva.
The firm’s international service revolves around four main platforms: banking and investment services, active investment services, portfolio advisory and discretionary portfolio management. Ultra-high net-worth clients have added the option of custom mandates. Value-added services include real estate advisory, customised structured products and wealth planning.
Santander’s Belcanto Luxembourg-domiciled open-ended investment companies are offered exclusively to high net-worth international private clients, while bespoke investment companies are available for the firm’s ultra-high net-worth clients. The firm’s web of international relationships means it can connect clients with best-in-class managers at preferential terms.
On the tech side, the bank’s data-driven strategy has led it to enlist Bloomberg AIM technology, ESG impact investing tools and various cloud-based business intelligence solutions for client monitoring and analysis. The firm remains focussed on improving the client’s digital experience from onboarding remote identification to an enhanced e-banking app experience with biometric verification.