Annual Report 2007 - Santander

PRIVATE BANKINGGLOBAL BUSINESSESGLOBAL PRIVATE BANKING HASEUR 109,000 MILLION OF MANAGEDASSETS AND GENERATED EUR 445 MILLIONOF PROFIT BEFORE TAXESSantander launched the Global Private Banking Division, which has 2,500employees, 65,000 clients and a large international presence (offices in 18 countries).Banco Santanderaims to becomeone of the mainglobal players in thehigh growth businessof private bankingThe new Global Private BankingDivision, specialises in financial advice andmanaging the wealth of high incomecustomers.Banco Santander is exploiting theGroup’s global reach and experience forthe benefit of private banking, supportinglocal units in attaining stronger growthrates.The following units form part of thisDivision:• Banif (Spain).• Santander Private Banking (theinternational private banking unit).• Santander Private Banking Italy.• Cater Allen, James Hay and AbbeySharedealing in the UK.The domestic private banking units inPortugal and Latin America are also beingmanaged on a shared basis betweenGlobal Private Banking and local banks.The Division has created a businessmodel based on excellence in customerservice. Moreover, it “exports” the businessintelligence garnered in its most provenunits, such as Banif in Spain, to units in anearlier phase of development, such as Italyor Latin America.The aim is to turn Banco Santander intoone of the main global players in the highgrowth business of private banking.ACHIEVEMENTS IN 2007• Installing a new organisationalstructure and creating the new globalDivision.• The unit in Italy is fully operational.GOALS FOR 2008• 18% growth in managed assets.• Profit before taxes of 20%.• Progress in integration of the Division,which will be completed in 2009.GLOBAL PRIVATE BANKINGMillion eurosAssets under management 109,000Gross operating income 879Profit before taxes 445Efficiency (%) 45.9232