Santander Private Banking stands head and shoulders above the competition in this award for Latin America’s best international private bank. The Spanish financial institution is not only a colossus in Latin America, but also a powerhouse in key markets in other regions, including Europe and North America. More recently, it opened a new branch in the Dubai International Financial Centre, giving its Latin America-based private banking clients access to another fast-growing region.
Total income in private banking in the nine months to the end of September 2024 was €1.88 billion ($1.97 billion), up 12% year-on-year, with net new money totalling €13.2 billion, up 5% on an annualised basis. The number of private banking clients rose more than 13% year-on-year, to more than 291,000. Santander Private Banking claims to be the leader in terms of wealth flows between Latin America, Europe and the US.
Our external panel of judges lauded the firm’s “operational improvements and consistent growth metrics”, pointing to its strong performance across a host of metrics, including discretionary portfolio management (DPM), alternative investments, philanthropic advisory, and sustainability.