Apr 10, 2026
3 min read
The bank has launched three new services through which it hopes to expand the high net worth business. Beyond Wealth Services reaches 2.5 billion in Spain
Santander is offensive in a private bank with extremely rich services from 500,000 euros
The bank has launched three new services that it hopes will boost high net worth transactions.Cross-state services in Spain amount to 2.5 billion
Javier García Carranza continues to ask private bank managers to provide new services and changes to increase business.Banco Santander's head of high-value, insurance and funds, Ana Botín's right-hand man, suggested the Cantabrian group lead private banks and compete with Spanish and international counterparts, including Americans.The group is offering three new services to private banking employees on Thursday.
Therefore, following the accumulation of signatures from competitors, especially CaixaBank, Banco Santander is moving its high net worth business to strengthen it with new services and offers designed to attract competitive customers and maximize profitability.The bank's assets (insurance, private banking and funds) are projected to grow by double digits between 2026 and 2028, with efficiency ratios (costs relative to income, the lower the better) and large net business values playing a central role.
Santander announced this Thursday that it will announce an independent advisory service in the coming months, with clear and clean account types for customers with €500,000 or more.It should be considered that this type of service is usually available for higher assets.Víctor Allende, head of private banking at Santander Spain and formerly at CaixaBank, encouraged the Catalan bank to offer its services to clients from one million euros.
In this case, Santander uses recurring advice on automated and digital funds, although private bankers wait for clients to opt for the service. The advice will be based on recommendations that the client will ultimately implement.
Last year, the institution merged its Spanish management companies (Santander Asset Management and Santander Private Banking).It has reached agreements with JP Morgan, BlackRock and Goldman Sachs Asset Management to provide discretionary management to private bank clients with assets of more than €2 million.
In particular, at the same cost as traditional discretionary management, where the client appoints management without the possibility of changing the portfolio, the investor will be able to choose one of these three managers, choose indexed strategies with a preference for low costs, and have the possibility of personalizing the portfolio, i.e. geographical weighting, sector weighting, etc. Demand for change.
Santander, like other banks, switched from blended funds to discretionary managed portfolios several years ago.In this sense, the bank recalls that last year it increased assets in managed portfolios by 43% and achieved an increase in market share by 2.75 percentage points.According to employers' association Inverco's ranking, last year ended with 29.993 million people under management.
Another private banking bet by Santander, which also mimics Caixabank, is in Beyond Wealth, a multifamily office that is actually run by a former Banco de Catalunya executive.Beyond Wealth serves ultra-high-net-worth family groups who are not necessarily bank customers.Beyond Group, which operates as a subsidiary, has sales of 2.5 billion euros in Spain and more than 7 billion euros worldwide.
Under the umbrella of Beyond, the company launched Wealth Check, a service to diagnose the wealth and financial situation for customers with more than 20 million euros.Thus, a bill between 10,000 euros (diagnosis) and 35,000 euros (diagnosis and treatment, with annual payments) will be spent to conduct a comprehensive analysis of the asset system, potential unwanted concentrations, structural inefficiencies, distortions, risk with financial imbalances or liquidity imbalances.and provides strategic vision that enables improved efficiency and asset management.
Javier García Carranza continues to ask private bank managers for new services and changes to boost business.Banco Santander's head of high wealth, insurance and funds, right-hand man Ana Butin, has suggested the Cantabrian group should lead private banking and compete with its Spanish peers as well as international counterparts, including the Americans.This Thursday, the group is offering three new positions for its private banking staff.
