Spanish banking group Santander is planning to target the ultra-wealthy as part of a three-year expansion strategy, the Financial Times has reported. The expansion will be led by Santander Private Wealth, a new unit created to combine its private banking and asset management operations.

According to the report, the bank plans organic growth instead of takeovers to meet its goals. In this connection, it hired nearly 30 people this year.

“The reason [these clients] are so important is that these are normally families that can make a great impact in their community. They are owners of companies, they create a lot of jobs and a lot of wealth. And they need a single point of contact where they have all these needs solved,” Santander wealth management head Victor Matarranz was quoted as saying by the publication.

The bank aims to lure the ultra-wealthy in Brazil and Mexico leveraging its existing presence in Latin America.

In the UK and US, the super-rich will be served through the bank’s retail network and its Miami outpost.

Santander Private Wealth

Sitting under Santander wealth management, Private Wealth is a new unit to target clients with over €20m in assets.

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At present, the new unit has 1,500 clients and is targeting a double-digit growth annually for the next three years.

Private Wealth will provide higher value-added and customised services covering traditional and alternative investments including private equity, infrastructure, private debt and real estate.

Last year, Santander formed its global wealth management unit, consolidating its private banking and asset management businesses. The aim was to offer better service to its private banking clients and build competitive advantage in 10 key markets.

At the end of September 2018, the unit oversaw €333bn in assets. The Private Wealth segment forms part of this unit.

Santander global head of Private Wealth Alfonso Castillo said: “I am convinced that the Santander Group, thanks to its global investment banking and asset management capabilities is singularly positioned to offer private banking clients unique services.”