New Office
Another Private Bank Enters Spanish Game
A number of European private banks have opened Spain offices and expanded teams in the country over the past few months.
Banque
J Safra Sarasin (Luxembourg) has opened a new branch in Spain
– the latest bank to have ramped up operations in the country
over recent months.
The office, located in Madrid, will focus on clients domiciled in
Spain, both in the field of private banking and institutional
clients.
The branch is led by Francisco Gomez-Trenor, who reports to Jules
Moor, chief executive of Banque J Safra Sarasin (Luxembourg). The
new branch offers all MiFID regulated investment services, it
said in a statement yesterday.
The firm said the new branch “fits in the ongoing strategy of the
group to develop its activities in core European markets.”
“This is a clear confirmation of our commitment to serve clients
domiciled in Spain. Francisco has an outstanding reputation in
the Spanish market and will contribute to the bank’s continued
success with his professionalism and expertise. With this new
local presence, benefitting from its state-of-the-art platform in
Luxembourg, the bank is well positioned to serve clients in this
strategically important market,” Jules Moor, CEO of Banque J
Safra Sarasin (Luxembourg), said.
Groups such as Barclays, Julius Baer and Deutsche Bank have been
building up their private banking and wealth operations in Spain.
(See examples
here,
here and
here.)
The Bank J Safra Sarasin (Luxembourg) branch is located at Paseo
de la Castellana 13, 3rd floor, in Madrid.