Santander is launching its private bank business in the UK for the first time as it also tackles smaller savers with hundreds of investment funds.
The bank, which already has private banks in other markets, will launch later this year and offer “bespoke” services to clients who have £500,000 savings or investments with an annual income of £250,000.
Clients will have a dedicated private banker, out of 40 specialists across the country.
Santander private bankers will offer services such as banking, lending, investment and financial planning products.
Clients can also have access to the bank’s online banking services and support from Santander’s specialist contact centres.
A discretionary investment management offering will be available in due course, Santander says.
Santander also said it will keep its Cater Allen division to take deposits via intermediaries but said the new division will have a “full” range of private banking services.
The new offering comes as the bank has already embarked a strategy to expand its face-to-face advice service.
In January, Santander said it will return to the investment advice market less than two years after being hit with a £12.4m fine by the FCA.
Santander UK head of wealth and private banking Alan Mathewson explains the move and says: “The retail distribution review made it harder to get advice to the masses. With £100,000 or less, it’s hard to gain advice in the market.”
The firm is also launching a direct-to-consumer platform which will offer access to more than 2,000 funds.