Santander Creates Wealth Management Division
September 27 2017 - 8:10AM
Dow Jones News
By Nathan Allen
Spanish bank Banco Santander SA (SAN.MC) said Wednesday it will
combine its private banking and asset management businesses to
create a new wealth management division.
The bank said the move fits its strategy of integrating the
asset management business more closely with its other operations
after it reacquired the unit in November 2016.
Santander's private banking division currently manages more than
160 billion euros ($188.98 billion) and its asset management unit
controls around EUR180 billion. The bank aims to grow its assets by
double-digits until 2020.
The new division will be led by Victor Matarranz, who was
previously head of group strategy.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
September 27, 2017 07:55 ET (11:55 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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