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

The Brazilian subsidiary of Spain´s largest banking group plans to hire 60 people and accelerate the digitization and expansion of its product offerings.

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.

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