Santander hits record 320,000 private banking clients and expands debt holdings

Santander has reached a historic milestone in its private banking division, surpassing 320,000 clients for the first time. The division's assets under management, deposits, and loans have reached 380 billion euros, representing a 15% year-on-year increase.

This wealth management segment has become a highly profitable driver for the group, achieving a return on tangible equity (RoTE) of 57%. This performance significantly exceeds the group's average return. The bank's strategy involves an open architecture model, allowing clients with over two million euros to choose investment strategies designed by external managers such as BlackRock, Goldman Sachs, or JPMorgan.

Simultaneously, Santander has aggressively expanded its holdings of Spanish sovereign debt, reaching a total of 75.9 billion euros. The bank acquired 17.45 billion euros in Spanish debt during the first half of the current year alone. This strategic accumulation aims to secure interest margins, with the portfolio expected to yield an average of 3.3% over the next six years, potentially generating over 2.5 billion euros in additional annual gross income.