Spanish banking major Santander will base its global asset management business in London, following last month’s deal to sell half the business to US private equity firms, according to Reuters.
The bank is creating a holding company for the business in London, the publication added.
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Santander had appointed Javier San Felix, who has previously headed Banesto, the Spanish bank Santander fully absorbed this year, as head of a newly-created global retail banking division.
San Felix, who was briefly head of Santander’s Americas division before this move, will report to new chief executive Javier Marin.
On 31 May 2013, Santander has agreed to sell 50% stake in its asset management arm to US private equity firms Warburg Pincus and General Atlantic.
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