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Banco Santander, part of the Santander Group, has announced the opening of a new private banking office in the Dubai International Financial Centre (DIFC), the leading international financial centre in the Middle East, Africa and South Asia (MEASA) region, further strengthening Dubai’s strategic position as a major hub for private banking operations..
Santander has been licensed by the Dubai Financial Services Authority, the independent regulator of financial services conducted in or from the Dubai International Financial Centre, and has opened its first regional headquarters in the Dubai International Financial Centre..
The capabilities of the Santander Group and its international private banking platform, combined with DIFC’s world-class infrastructure, access to top talent and robust legal and regulatory framework, will enable Santander to host a large and distinguished banking team in the DIFC. This team will ensure that it delivers leading banking services to existing clients, while expanding the bank’s bespoke wealth management services to the rapidly growing community of high net worth individuals and private wealth holders across Dubai and the region..
To officially welcome the bank to the DIFC, Arif Amiri, CEO of the DIFC Authority, recently met with Alfonso Castillo, Global Head of Private Banking at Banco Santander, in the presence of Antonio Costa, CEO of Banco Santander International, Switzerland; Masroor Patin, CEO of the Middle East at Banco Santander International, DIFC Branch, UAE; and Ahmed Al Awlaqi, Vice President, Banking and Capital Markets, DIFC Authority..
“Our entry into the Middle East is in line with our continued commitment to delivering exceptional financial services, long-term partnerships and unparalleled value to our clients. We are delighted to establish our presence in the DIFC and look forward to building trust-based partnerships, driving growth and achieving remarkable milestones,” said Alfonso Castillo, Global Head of Private Banking at Santander.».
Salman Jaffrey, Chief Business Development Officer, DIFC, said: “DIFC is delighted to welcome Banco Santander International to the Centre. While Banco Santander is well-established as Spain’s leading private bank, with a focus on strengthening client relationships, DIFC’s established position as the leading financial hub in the Middle East, Africa and South Asia (MEASA) provides the ideal foundation to access the opportunities presented by the region’s $8 trillion of private wealth. We look forward to seeing Banco Santander International achieve its strategic objectives and further grow from its new home in DIFC.”».
With a strong 20-year reputation for transparency, effective regulation and knowledge building, DIFC is trusted by 230 banks, including 27 of the 29 largest and most important global banks, and over 400 leading wealth and asset management firms..
In 2023, the Dubai International Financial Centre launched the world’s first Family Wealth Centre to enhance and grow its thriving global family wealth ecosystem, and support family businesses in developing their growth plans and ambitions and future management succession plans..
Strategically located as the most prestigious financial centre between London and Singapore, DIFC will provide Santander’s private banking business with unparalleled connectivity, economic diversification, an exceptional pool of international talent, a comprehensive legal and regulatory environment and a forward-looking infrastructure to enable it to achieve its growth objectives..
According to data from the World’s Richest Cities 2023 report, Dubai is home to more than 68,500 high net worth individuals (HNWIs), or individuals with at least $1 million in liquid assets, 206 “centi-millionaires,” or individuals with net worth of $100 million or more, and 15 billionaires. The UAE is also set to become the world’s largest wealth magnet, with more than 6,700 millionaires expected to leave by the end of the year, according to Henley’s latest Private Wealth Migration report, released in June 2024..
