Strategy
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.
