The Spanish banking group has confirmed it is expanding its private banking footprint to the UK.

Santander will launch its UK private banking offering later this year, it has confirmed.

The proposition will be available to clients with at least £500,000 ($712,000) in savings or investments and/or a minimum annual income of £250,000, a Santander spokesperson said in a statement emailed to this publication.

“Clients have a dedicated private banker, who can provide advice and access to a range of exclusive services across our banking, lending, investment and financial planning products. Alongside this, clients also have access to our online banking services and support from our specialist contact centres. A discretionary investment management offering will be available in due course,” said the spokesperson.

Santander Private Banking already has a presence in the US, Switzerland, Bahamas, Italy, Spain, Portugal, Brazil, Mexico and Chile. Meanwhile, SPB International operates from offices in Miami, Geneva and the Bahamas, with clients primarily coming from Latin America. Globally, the private banking business has over $100 billion in client assets under management.

Late last year, UBS agreed to acquire SPB Italia's private bankers and branch support staff across its offices in Milan, Varese, Brescia, Roma Napoli and Salerno.

Santander will retain ownership of UK private bank Cater Allen to take deposits via intermediaries.