Santander Boosts Private Banking Team, Targets Growth in Miami, Mexico

• Santander’s Wealth Management & Insurance division grew assets by 14% to €482 billion in the first quarter.
• The bank reports hiring spree in its Miami and Mexico offices, plans to reach €500 billion in assets by 2025.

Banco Santander SA is intensifying its focus on affluent clients by incorporating 40 private bankers this year, enhancing its services for high-net-worth and ultra-wealthy individuals.

The Spanish bank, which began expanding this segment last year, has added a total of 90 bankers, primarily in its Miami and Mexico locations. This move aligns with their goal to elevate assets under management significantly.

The bank’s Wealth Management & Insurance division, led by Victor Matarranz, witnessed a 14% growth in assets, reaching €482 billion in the first quarter from the previous year. Santander aims to achieve a milestone of €500 billion by 2025. This growth trajectory is not isolated, as other Spanish banks, like Banco Bilbao Vizcaya Argentaria SA, also strengthen their private banking operations, notably with a new office in Miami catering to Latin American clients.

Santander’s strategic hires include Andres Rodriguez, who joined the Miami office as a senior private banker in April after nearly two decades at Citigroup Inc. With a total of 1,300 private bankers, Santander’s robust team caters to a diverse client base spanning from Spain to Switzerland, with a particular emphasis on Latin American clients in Miami.

The bank’s aggressive hiring in corporate and investment banking sectors mirrors its expansion efforts, underpinned by record revenue figures despite rising operational costs.