Santander seeks to double its private banking business in Brazil within five years

RIO DE JANEIRO, BRAZIL – Grupo Santander yesterday announced that it seeks to double the size of its private banking business in Brazil within the next five years, with a 50% increase in market share over that period.

With this, Santander Brazil, the country’s third-largest private bank after Itaú and Bradesco, aims to become the “best private banking platform.”

According to Vitor Ohtsuki, director of Santander Private Banking, an expansion plan will be launched at a press conference, in which 60 people will be hired in the coming weeks, which would mean a 40% increase in its structure.

Also, new investments will be made in technologies to accelerate digitalization and an expansion of the product offering.

Read: Swiss wealth manager Lombard Odier sets up private banking structure in Brazil

Regarding the offering, Ohtsuki assured that private banking was dependent on fixed income but has been evolving with the country’s gradual reduction of interest rates.

“We have decreased the dependence on fixed income, with great placement of other types of more sophisticated products (…) We worked hard in the last 3-4 years to improve the offer, and today we have a more complete offer,” he explained.

In this sense, he proposed incorporating new structures, such as an asset desk, private credit, management of exclusive funds, or real estate market, among others.

Source: Diario Financiero

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