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Santander offers private banking to smaller savers

Banking - Santander breaking into the UK private banking market - SantanderCB

Santander is breaking into the UK private banking market for the first time and will offer hundreds of investment funds to smaller savers.

The bank has said it will have 40 specialist managers across the country, in a drive to attract customers with at least £500,000 to invest.

The move is part of Santander's strategy to expand its face-to-face advice service, three years after most of Britain's biggest banks retrenched in response to fines and strict new regulation.

Santander already has a strong private banking presence in other markets such as Brazil, and is keen to target customers who don't have the £1m minimum required by some UK banks.

Its managers will offer services such as tax planning, large home loans and discretionary wealth management.

 

Note: News bulletin content has been provided by a third-party and is not the opinion of Santander.

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