Banco Santander is to create a global private banking division with €100 billion in assets under management, the Spanish bank said in a statement. It will be headed by Javier Marín Romano, currently chief executive of Banif, which is the bank’s largest private banking business. The new arm will combine all Santander's international private banking businesses except the units of the Santander network in Spain or its retail arm Banco Espanol de Credito. This will encompass Banif, Santander Private Banking, Cater Allen, James Hay and Abbey Sharedealing in the UK, and Santander Private Banking Italia. Country heads of divisions in Portugal and Latin America will report to and coordinate business strategy and management with the global private banking division, Santander said.