Santander is set to introduce a private banking proposition in the UK later this year, as part of strategy to expand its face-to-face advice service.
The new bespoke private banking solutions will target customers with £500,000 in savings or investments and/or an annual income of £250,000.
The bank, which already has private banking operations in other markets, has picked a 40-member team of investment managers who will offer various face-to-face advice services including banking, lending, investment and financial planning products.
Clients will get access to a dedicated private banker, and can also gain access to Santander’s online banking services and its specialist contact centres.
The bank said that it will eventually also offer a discretionary investment management service.
Santander UK head of wealth and private banking Alan Mathewson said: "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."