• As the private banking unit of Santander Group, one of the leading financial groups in the world, Santander Private Banking will provide services for high-net-worth and ultra-high-net-worth individuals in the Middle East.

Dubai, UAE: Santander Private Banking, has established a new office in Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa, and South Asia (MEASA) region, reinforcing Dubai’s strategic position as a premier hub for private banking operations.

Authorised by Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in or from DIFC, Santander Private Banking, opened its first headquarters for regional private banking in DIFC.

Santander Group’s capabilities and international private banking platform, combined with DIFC’s world-class infrastructure, access to top talent, and legal and regulatory framework will allow Santander Private Banking to house a significant team of elite private bankers in DIFC. This team will serve current clients and extend the bank’s range of bespoke wealth management services to the rapidly growing high-net-worth and ultra-high-net-worth communities across Dubai and the region.

To formally welcome the bank to DIFC, Arif Amiri, Chief Executive Officer, DIFC Authority, recently met with Alfonso Castillo, Global Head of Santander Private Banking. Other executives that attended the meeting included 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.”

Salmaan Jaffery, Chief Business Development Officer, DIFC Authority, said: “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.”

With a 20-year-strong reputation for transparency, effective regulation, and knowledge-building, DIFC has earned the trust of 230 banks, including 27 of the top 29 globally systemically important banks (G-SIBs), and more than 400 highly reputable wealth and asset management firms.

In 2023, DIFC launched the first Family Wealth Centre of its kind in the world to advance and grow its thriving ecosystem for global family wealth, and support family businesses as they future-proof their growth ambitions and succession plans.

Strategically located as the largest financial centre between London and Singapore, DIFC offers Santander Private Banking unrivalled connectivity, a diversified economy, an exceptional international talent pool, a comprehensive legal and regulatory environment, and future-forward infrastructure.  

According to the World’s Wealthiest Cities Report 2023, Dubai’s population includes over 68,500 HNWIs, or individuals with at least USD 1mn in liquid assets, 206 centi-millionaires, or those with a net worth of at least USD 100mn, and 15 billionaires. The UAE is also set to be the No.1 wealth magnet in the world, with an inflow of over 6,700 millionaires by year-end, according to a recent Henley Private Wealth Migration Report released in June 2024.

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About Banco Santander

Banco Santander (SAN SM) is a leading commercial bank, founded in 1857 and headquartered in Spain and one of the largest banks in the world by market capitalization. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments (PagoNxt and Cards). This operating model allows the bank to better leverage its unique combination of global scale and local leadership. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. In the first half of 2024, Banco Santander had €1.3 trillion in total funds, 168 million customers, 8,300 branches and 209,500 employees.

Santander Private Banking offers clients bespoke service with specialized private bankers in Spain, Portugal, Poland, Switzerland, the UK, the US, Brazil, Chile, Mexico, Argentina, Uruguay and the Middle East. As at March 2024, it had €317 billion in client assets and liabilities (CAL) worldwide, 15% more than the previous year, and it had increased the number of clients by 13%.

 About Dubai International Financial Centre

Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa, and South Asia (MEASA), which comprises 77 countries with an approximate population of 3.7bn and an estimated GDP of USD 10.5trn.

With a 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe, and the Americas through Dubai. 

DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of 43,800 professionals working across over 6,150 active registered companies – making up the largest and most diverse pool of industry talent in the region. 

The Centre’s vision is to drive the future of finance through cutting-edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.  

Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels, and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations. 

For further information, please visit our website: difc.ae, or follow us on LinkedIn and X @DIFC.

For media enquiries, please contact: 
Nivine William | Nisha Celina
Burson | bursonglobal.com
nivine.william@bursonglobal.com | nisha.celina@bursonglobal.com

Rasha Mezher | Dubai International Financial Centre Authority
Manager, Marketing & Corporate Communications
Rasha.Mezher@difc.ae