Santander launching comprehensive private banking arm

The bank will have 40 specialist managers across the UK to attract people with an annual income of over £250,000.

Santander will launch a comprehensive private banking proposition with mortgage lending, banking, investment and financial planning services.

The private banking arm will cater for people with an annual income over £250,000.

The bank will have 40 specialist managers across the UK and clients will gain access to a dedicated private banker.

The proposition will be kept separate from the Santander-owned Cater Allen Private Bank which deals in savings and investments for those with more than £100,000 to their name.

Islay Robinson, chief executive officer at Enness Private Clients, said: “We have been eagerly waiting for Santander to launch their private banking proposition and look forward to seeing the details.

“They have been refining their proposition for quite some time and have hired some big industry names to support their efforts.

“Although Santander is yet to elaborate on their criteria, we expect this service to attract a whole new client base.

“They have identified a large gap in the market – in recent years the high street has adopted a one-size-fits-all approach to lending, and there is a real need for more flexible, common sense policies like this.”