SPB said it believed its combination of the offer of interest rates of up to 3.55% gross/AER paid on two-year fixed-term contracts – or 12 month fixed-rate contracts paying 3.40% gross/AER on sterling accounts, and 2.75% gross/AER on US dollar accounts – would appeal to such organisations as trusts and brokers in particular.
It noted that many of the clients of SPB’s intermediary business on Jersey, which is headed by Jonathan Williams, are such entities as intermediaries, private banks and trusts that look after large deposits on a day-to-day basis, and would welcome such rates, particularly from a major global bank of Santander’s standard.
Globally, Santander Private Banking has more than €90bn ($117.2bn, £75.5bn) under management. Its Spain-based parent, Banco Santander, is the eurozone’s largest bank, as well as the tenth largest bank in the world by market capitalisation.
