Santander steps on the accelerator in the battle for big fortunes. Its private banking area focused on ultra-rich clients – those with more than 20 million euros – has already surpassed the barrier of 80,000 million euros of assets under management in Spain, according to data from the entity. This amount implies a growth of 12.7% compared to the end of 2024, exceeding the institution’s expectations. A milestone that consolidates Santander’s “exceptional leadership” in the high-net-worth segment and which, according to the bank, represents the largest market share in this segment.
The bank chaired by Ana Botín attributes its success to a profound transformation of the service. Santander already serves more than 1,300 Spanish families in this segment Ultra high net worth (UHNW), with an average asset of almost 60 million euros.
To promote this line of business, the bank has multiplied its resources in the last year. It has strengthened its staff with the addition of 12 specialist bankers, bringing the total to 32. One of the keys is to ensure a more exclusive service with a maximum of 35 customers per banker. Furthermore, each client not only has an expert banker, but also has the support of a investment advisor and a wealth plannera trio of councilors also strengthened with new additions in recent months.
More than 950 million in Beyond Wealth
Another major offensive by Santander occurred in May with the launch of Beyond Wealth, a consultancy firm specializing in family office for assets exceeding 50 million euros. Set up as an entity 100% controlled by the bank, but legally separate, it aims to guarantee maximum independence in consultancy.
To get it off the ground, Santander has hired key figures such as Carmen Gutiérrez (global director, coming from Julius Baer) and Javier Lafarga (subsidiary CEO, former CaixaBank) to lead Spain. Furthermore, Beyond Wealth started its journey with ten professionals with vast experience in wealth management, real estate, private markets and planning, with a focus on customization and exclusivity.
Since its launch, Beyond Wealth has already raised more than 950 million euros in consultancy, with the mission of providing advice on all types of investments: real estate, corporate or financial, among others.
Santander launched this platform with the ambition of reaching an advised asset volume of 10 billion euros within three years. The company goes beyond traditional Santander clients, extending its consultancy services to third parties. Him target main includes families, family offices external and institutional investors. The remuneration model is a flat-rate annual compensation, with a minimum compensation of 100,000 euros and an average compensation of 150,000 euros.
Asset accounts
The strength of Santander’s Wealth Management area – which includes private banking in Spain, Miami and Switzerland, wealth management and insurance – is notable in its global results. Its total assets amounted to 514,000 million euros at the end of June (195,000 million in Spanish private banking alone), with a year-on-year increase of 11% in constant euros, driven by solid commercial activity, especially in the private banking and management company sector, and by positive market behavior.
As regards the profit attributable to Wealth, it reached 948 million euros in the first half of the year, 11% more, thanks to the boost from net commissions, which grew by 20% on an annual basis, to 842 million euros. The entity explains these results by focusing on high value-added products and net collections of 10,597 million euros. The bad news is that the unit’s costs rose 9%, thanks to investments to strengthen private banking teams and in new capabilities to respond to increased trading activity.
Santander explains that the segment is crucial to its accounts: “Over the past few years we have worked to build a world-leading private banking platform and factories of world-class funds and insurance products, leveraging our scale and global capabilities,” reads the report at the end of June.
