BBVA Boosts Spanish Private Banking Business

Editorial Staff 27 June 2023

BBVA Boosts Spanish Private Banking Business

The development is taking place at a time when wealthy Latin American clients are depositing more assets into Spain.

Spain-headquartered Banco Bilbao Vizcaya Argentaria, or BBVA, is boosting its Spanish private banking operations.

The lender has added 28 staff to its Spanish private banking team this year, with almost half of the additions to the now-101-strong team focused on ultra-high net worth clients with wealth of more than €10 million ($11 million), it said in a statement. 

"BBVA has given new impetus to its assets unit within the private banking area in Spain, with the aim of strengthening its service offer for this segment (above two million euros). With the aim of offering more personalised support to its clients, it has recruited 28 new bankers (38 per cent more) to reach a team of 101 professionals. Of these, 13 will focus on the ultra-high net worth segment (more than 10 million euros)," BBVA said.

BBVA Patrimonios has seven specialised centres located in Madrid, Barcelona, Bilbao, A Coruña, Seville, Valencia and Gran Canaria, as well as 16 satellite centres throughout Spain. 

Reports noted that wealthy Latin Americans have been transferring their wealth over to Spain.

BBVA’s private banking unit in Spain has around 103,000 clients with assets under management of €100 billion. 

The changes as announced are part of the BBVA's 2021-24 strategy plan.

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes