Santander in UK expansion

9 January 2008

Santander Global Private Banking is set to expand into the UK, with a new private banking arm for the Brits.

The creation of Santander Private Banking UK completes a "process of integration and realignment of the various wealth management units of Santander within the UK", the banking giant said in a press release.

More than 1,000 staff will be employed in the new service, which comprises pensions and asset management business James Hay, private bank Cater Allen and stockbroker Abbey Stockbrokers.

Santander believes that Britain represents one of the most crucial wealth management centres in the world and as such will employ experienced specialists.

The new firm will concentrate on providing more comprehensive support to professional intermediaries and their clients.

Alvaro Morales will take the role of chief executive officer of Santander Private Banking UK after spending eight years as managing director of Spanish private bank Banif.

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