Spanish banking giant Santander has created a new global wealth management division by integrating its private banking and asset management businesses.

The new division comprises of the new private banking unit, Santander Asset Management’s business and International Private Banking.

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The newly formed division will be headed by Victor Matarranz, who till now was head of group strategy.

“The new structure will enable the Group to provide better service to Santander’s global private banking customers and build on its competitive advantage in 10 major markets,” Santander said in its press statement.

The move follows the repurchase of the entire Santander Asset Management business in November 2016. Santander Private Banking currently manages over €160bn in customer funds, some of which are managed within the €180bn of assets under management in Santander Asset Management.

The new division has been given target to grow these assets by double digits annually to 2020. It will develop a service new model for its existing 170,000 clients globally.

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Commenting on the move, Santander Group executive chairman Ana Botín said: “Our goal is to accelerate our digital transformation to meet the financial needs of our 131 million customers, at all times and from anywhere, in a simple, personal and fair way.

“The new global Wealth Management division will play a key role in this transformation in a very important segment for us in all our geographies that requires a combination of global and local service.”