Santander moves into private banking sector with new service

Santander has moved into the private banking sector with the launch of a new service for the bank’s high-end clients.

Santander Private will be aimed at customers that have investments and savings of more than £500,000 or a yearly income of more than £250,000.

Services

Santander Private will provide clients with a range of services, including lending, banking, financial planning and investing. These clients will also have a dedicated private banker.

The new service comes after the launch of an online investment hub in 2016 and Santander Select, which provides the bank’s wealthier clients with access to financial planners.

Santander Private marks the bank’s return to the advice market after the bank decided in 2013 to stop providing new customers with investment advice as a result of concerns over the quality of recommendations from its advisors.

Advisors have now welcomed the bank’s return to the market, with Philippa Gee Wealth Management Managing Director Philippa Gee stating: “I see this as a good move and presume that they will have the controls and processes in place to ensure good client outcomes.”

Demand

Commenting on Santander’s move into the private banking sector, Santander Head of Private Banking Charlotte Platts said that it has been driven by strong demand from clients, particularly from within the company’s corporate bank, requiring tailored solutions that match their financial goals.

“Our priority is offering an exclusive, personal service that clients can trust – banking that looks after them,” she said.