LONDON/MADRID, May 15 (Reuters) – Santander’s (SAN.MC), opens new tab Victor Matarranz is stepping down as global head of wealth management and insurance as the Spanish bank expands the business, two people with knowledge of the plans said on Wednesday.
Santander plans to fold its investment platforms and corporate holdings business into the wealth unit, one of the people said. Javier Garcia-Carranza, who runs the investment activities, will replace Matarranz, the people said.
The wealth and insurance unit – one of the bank’s five divisions – oversees 482 billion euros ($523 billion) in assets. In the first quarter, net profit at the unit rose 27% year-on-year to 400 million euros, accounting for about 13% of Santander’s group earnings.
Many banks are seeking to expand activities that manage money for clients in a bid to generate a steady flow of fees and reduce reliance on lending income.
Source: REUTER
