Banco Santander has intensified the expansion of its private banking division by hiring 74 specialized bankers focused on high-net-worth clients. This strategy is part of a restructuring effort aimed at capturing wealth and strengthening the bank's global presence in this segment, with Spain and Dubai as priority markets.
The Santander initiative involves creating an international private banking model, combining strengthened local teams with strategic presence in key markets. In Spain, the bank has added 20 new bankers, while in the Middle East, it exceeded expectations by recruiting nearly 30 specialists for its Dubai International Financial Center branch, enhancing coverage in markets such as the United Arab Emirates, Qatar, and Saudi Arabia.
Asset management and insurance are seen as priority growth segments for Santander, particularly in a declining interest rate environment. With over €500 billion in assets under management, of which €324 billion belongs to private banking, the bank is seeking to offset declining financial revenues by increasing commissions on sophisticated products for high-net-worth clients.
On an international level, Santander's president, Ana Botín, expressed confidence in the future of Santander UK, stating she feels 'strong enough' to lead the institution as long as the board and shareholders allow her to. In comments to a publication, she denied rumors about a potential sale of the UK subsidiary, emphasizing that the UK remains a strategic market for the group.
Botín noted that the bank is focused on expanding its presence in the country, particularly through organic growth, and mentioned the possibility of launching Openbank, its digital banking platform.
Recently, Santander UK faced financial challenges, including a €350 million provision related to car financing issues, which impacted its profits by 48% from January to September. Additionally, the bank announced the resignation of William Vereker, chairman of the UK subsidiary, in 2025, interpreted as part of a planned succession process.