Victor Matarranz will step down as global head of wealth management and insurance at Banco Santander as the bank expands its business, according to two people with knowledge of the plans.

Santander plans to integrate its investment platforms and corporate equity business into the wealth unit, one of the people said.

Javier Garcia-Carranza, who heads the investment activities, will replace Matarranz.

The wealth and insurance unit, one of the bank's five divisions, manages assets worth 482 billion euros ($523 billion). In the first quarter, the unit's net profit rose 27% year-on-year to €400 million, accounting for around 13% of Santander Group's profit.

Many banks are looking to increase their customer money management activities in an attempt to generate a steady stream of fees and reduce reliance on credit income.

Santander says it has seen its market share in asset management in Spain grow in the first quarter, as well as its private banking assets.

Matarranz has been with Banco Santander for more than nine years, according to his LinkedIn profile.

He will remain with the bank, according to one of the sources.

Matarranz did not immediately respond to a request for comment.

(Reporting by Andres Gonzalez in London and Jesus Aguado in Madrid; editing by Elisa Martinuzzi and Tommy Reggiori Wilkes; Spanish editing by Benjamin Mejias Valencia.)