Santander Private Banking has acquired the business of Latin American and Caribbean clients of Barclays Wealth & Investment Management, a business which the British bank controlled from Miami and New York, as was confirmed to Funds Society by Barclays.
According to other sources familiar with the transaction, the portfolio to be transferred is worth $5 billion, with a team of about twenty bankers divided between New York and Miami. As part of the agreement, the transfer of the accounts to Santander is subject to the client's approval, said another source close to the deal.
In a brief statement to which Funds Society has had access, Barclays declared that “subject to the consent of affected customers and any staff affected by the transfer, we have reached an agreement with Santander Private Banking to transition our business in Latin America and the Caribbean to Santander.”
Santander Private Banking has offices in Geneva, Nassau, Houston, New York, San Diego, Miami and Seattle. Funds Society got in touch with Banco Santander for their comments regarding the operation, but the banking institution declined to comment.
Last September, Barclays issued a new strategy aimed at reducing the complexity of certain areas of their business, and as part of that strategy, the division of Wealth & Investment Management at Barclays has since then been proceeding to limit the number of regions from where they serve their clients, including clients in Latin America and the Caribbean.
At that time Barclays W&IM confirmed the closing down of 100 private banking centers, five booking centers, and the reduction of its workforce worldwide as part of a policy aimed at increasing profitability.