Santander Private Banking in Latin America enjoys certain natural advantages thanks to the bank’s geographical footprint and strategy. Overlaying the global bank’s strength within the region is dominance in Spain and Europe more broadly, as well as a presence in the US. This perfectly matches the domestic market for private banking in Latin America – the local presence is essential to serve these clients – while also offering access to the main markets that Latin Americans tend to think of first when seeking portfolio diversification.
Santander needed to capitalise on this advantage – and it has done so, generating the best franchise in the region. It is also an increasingly efficient and profitable business thanks to its digital strategy (which is also recognised in these awards). The bank’s senior management believes the next few years could bring considerable added organic growth – a forecast the judges find credible.
By the end of 2023, the volume of customer assets and liabilities – the majority of which comes from the high net-worth population of clients – stood at €289 billion, 14% higher than the previous year.