Santander Creates Wealth Management Division

Spanish bank Banco Santander SA (SAN.MC) said Wednesday it will combine its private banking and asset management businesses to create a new wealth management division.

The bank said the move fits its strategy of integrating the asset management business more closely with its other operations after it reacquired the unit in November 2016.

Santander's private banking division currently manages more than 160 billion euros ($188.98 billion) and its asset management unit controls around EUR180 billion. The bank aims to grow its assets by double-digits until 2020.

The new division will be led by Victor Matarranz, who was previously head of group strategy.

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(END) Dow Jones Newswires

September 27, 2017 07:55 ET (11:55 GMT)