Banco Santander’s wealth management proposition has been resonating in Latin America in recent years. It has been one of the big engines of growth for Santander’s wealth management and insurance division in 2023, which contributed €3.3 billion in profit to the group, up 21% year on year. The bank’s strong regional footprint – as well as its presence in the US and Europe – gives it a perfect competitive proposition for wealthy Latin Americans, who are increasingly interested in diversifying their portfolio into international assets and currencies.
AfE 2024
The Spanish bank’s growth, which is orchestrated by Alfonso Castillo, global head of Santander private banking, reflects both this external trend and its ability to present a more cohesive business within the broader group. This means it can capture new asset acquisition opportunities across the business, particularly in investment banking’s liquidity events.
Cooperation between Santander’s private banking group and the corporate and investment banking team generated revenues of €189.5