Santander Private Banking opens regional headquarters in DIFC. Source: Shutterstock

Dubai’s prospective as a primary focus for private banking operations has been strengthened with the opening of an office by Santander Private Banking at Dubai International Financial Centre (DIFC), the financial hub in the Middle East, Africa, and South Asia (MEASA) region.

Santander Group’s expertise and worldwide private banking platform, along with DIFC’s elite infrastructure, reach to top talent, and legal and regulatory framework, will enable Santander Private Banking to start a sizeable team of senior private bankers in the DIFC.

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This team will support existing clients while also expanding the bank’s tailored wealth management services to the emerging high-net-worth and ultra-high-net-worth communities in Dubai and the region.

Alfonso Castillo, global head of Santander Private Banking, and Arif Amiri, chief executive officer, DIFC Authority, recently met to officially orient the bank to DIFC.

Additional executives present at the meeting involved Antonio Costa, Chief Executive Officer of Banco Santander International SA, Switzerland; Masroor Batin, Chief Executive Officer Middle East of Banco Santander International SA DIFC Branch, UAE; and Ahmed Al Aulaqi, Vice President, Banks & Capital Markets, DIFC Authority.

Alfonso Castillo, global head of Santander Private Banking, said: “Entering the Middle East aligns with our relentless dedication to providing exceptional financial services, cultivating long-term partnerships, and delivering unparalleled value to our clients. We are delighted to have established our Branch in DIFC, and we look forward to forging trusting partnerships, fostering growth, and achieving remarkable milestones together.”

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Salmaan Jaffery, chief business development officer, DIFC Authority, added: “DIFC is delighted to welcome Banco Santander International SA to the Centre. Their status as the number one private bank in Spain and credentials for being relationship focussed, coupled with DIFC’s position as the Middle East, Africa and South Asia’s leading financial centre provides a perfect foundation for accessing opportunities from the USD 8trn of private wealth in the region. We look forward to seeing Banco Santander International achieving their strategic growth goals as a result of operating in DIFC.”

DIFC, a 20-year-old financial centre, has gained trust from 230 banks and over 400 wealth and asset management organisations. In 2023, it launched the first Family Wealth Centre, supporting global family wealth ecosystems.

The advantageous locations provides connectivity, an eclectic economy, and an effective legal framework.