José Couret will remain as senior banker and advisor to the group in Spain, continuing to serve clients.

Iván Basa, senior vice president at Lombard Odier's Madrid office, will become local managing director of the Swiss wealth manager’s Spanish franchise as of 1 October 2022, succeeding José Couret. The story is also a reminder of how a number of major banking groups have scaled up Spanish activity in recent years.

Couret will remain within the group as senior banker and advisor, the firm said in a statement this week. The appointment underlines Lombard Odier’s commitment to continuity and growth in the Spanish market.

Basa joined Lombard Odier in 2018 as senior banker, and has 17 years’ experience serving high net worth clients within major institutions including Credit Suisse and Barclays Wealth and Investment Management, the firm added.

The firm said that the internal nomination will ensure a smooth transition, underlining the group’s ambition to maintain its values and client-centric approach. Basa will report to Stephen Kamp, head of Southern Europe and Latin America for private clients, and Stephane Herrmann, CEO of Lombard Odier (Europe) SA.

Couret, who joined Lombard Odier in 2008 when the firm opened its office in Spain, has established himself as an executive within Spain’s private banking sector over the course of his career. He has more than 40 years of experience in the financial industry and has held positions within investment and private banking entities including Société Générale and BNP Wealth Management.

As senior banker, he will maintain the client relationships he has built over the years, whilst serving as advisor to the group in a new function. The Madrid team maintains its structure and has recently appointed two senior bankers with a track record in the industry: Silvia GarcĂ­a-Castaño as investment director and Enrique Sanz as head of tax and wealth advisory services.

Welcoming the move, Couret said: â€śAs senior banker, I look forward to continuing to work with my clients, whilst expanding my role to advise the Lombard Odier Group in Spain.” Basa added: â€śI am pleased to lead the local office with the support of a great team of professionals, maintaining close proximity to our clients and providing leading investment and wealth advisory services.”

“Lombard Odier is recognised as one of the leading private banking institutions in Spain and internationally. We would like to thank Couret for his leadership over the last 14 years, and his successful development of our Spanish franchise,” Stephane Herrmann, CEO of Lombard Odier Europe SA said.

Groups such as Barclays, Julius Baer, Bank J Safra Sarasin and Deutsche Bank have been building up their private banking and wealth operations in Spain. (See examples here, here and here.)

Based in Geneva, Lombard Odier is a global wealth and asset manager, with total client assets of SFr310 billion ($10.2 billion) at 30 June 2022.