Santander Private Banking, has established a new office in Dubai International Financial Centre (DIFC) 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.

Formal welcome

To formally welcome the bank to DIFC, Arif Amiri, Chief Executive Officer, DIFC Authority, recently met 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.

Castillo 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: “Banco Santander International’s 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 $8 trillion 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.

Unrivalled connectivity

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 $1 million in liquid assets, 206 centi-millionaires, or those with a net worth of at least $100 million, 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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