Private Banking: Santander presses on with Latin growth
Search the results Santander’s private banking operation wants to grow its business in Latin America by 20% annually over the next three years
In the first year that Euromoney has looked specifically at performance in Latin America in the private banking poll, Santander Private Banking come third in the region, with only Citigroup and JPMorgan ahead of it. The Santander group has had a Latin American presence for more than 50 years. This, says José Manuel Maceda, Santander’s head of international private banking responsible for the group’s regional offshore private banking, gives the bank an edge over international competitors in the region. “We share language and culture with our clients and have a deep knowledge of Latin America,” he says.
Santander Private Banking has been expanding aggressively in the region in recent years and aims to become the private bank of reference for high net-worth individuals there. It acquired the Latin American private banking operations of UK private bank Coutts in 2003, giving an important boost to the franchise, according to Maceda. “It was important because it gave us critical volume, and brought us new bankers and new ideas, which have helped the business this year,” he says.