Madrid-headquartered Banco Santander will merge its wealth management and private banking businesses in a reorganisation of the units worst hit by the financial crisis, according to Reuters.

Global private banking head Javier Marin will lead the new division as Joan David Grima, until now head of wealth management, takes early retirement, the bank said in a statement.

Santander, like many other banks globally, was hit by both the Madoff fraud and the Lehman Brothers collapse. Its private banking businesses include Banif in Spain as well as Cater Allen, James Hay, Abbey Sharedealing and Abbey International.