Santander Global Private Banking strengthens UK presence

Santander Global Private Banking announces the creation of Santander Private Banking UK, completing a process of integration and realignment of the various wealth management units of Santander within the U.K.

The new UK private banking business will have a staff of over 1,000, joining the Santander Global Private Banking team of 2,200 worldwide. It consists of pensions and asset management business James Hay, private bank Cater Allen Private Bank and stockbroker Abbey Stockbrokers Limited. There are no current plans to change the names of James Hay and Cater Allen.

The integration strengthens Santander Global Private Banking in one of the most important wealth management centres in Europe and the world. The experience of Santander Private Banking UK’s specialist businesses in the UK will complement Santander’s Global Private Banking operations.

Greater commitment to intermediaries

Santander Private Banking UK will provide a diverse and impressive range of services, allowing the company to concentrate on providing more comprehensive support to its key distribution channel - professional intermediaries and their clients.

Building on investments in technology at Cater Allen earlier this year in the launch of internet banking, Santander’s Global Private Banking division will invest into James Hay’s SIPP and Wrap propositions extensively in 2008. James Hay will introduce a new Wrap and SIPP IT platform that will offer greater scalability and functionality, and which will give scope for enhancing James Hay's proposition in terms of tools, automation, accuracy and ease of use for professional intermediaries.

Strengthened Team

Alvaro Morales has been appointed Chief Executive Officer of Santander Private Banking UK. Alvaro joins from Spanish private bank Banif, a wholly-owned unit of the Santander group – where he spent the past eight years as a Managing Director. Banif is a leading private bank in Spain.

Richard Dunn, in addition to his role of Managing Director of Cater Allen, will become Commercial Director of Santander Private Banking UK. Richard will take on responsibility for the ongoing development of Santander’s network for IFAs and professional introducers.

Javier Marin, CEO of Santander Global Private Banking, said: “The integration of Santander Private Banking UK provides Santander Global Private Banking with a new scale, making it the first Spanish private banking operation to compete in terms of resources with the largest players in Europe and the world.”

Alvaro Morales, CEO of Santander Private Banking UK said: “This new company creates a truly integrated wealth management offering for professional intermediaries and their clients, allowing us to provide a broader and better range of services.

“We are committed to providing an attractive and comprehensive wealth management service to all our customers in the UK.”