Banif Banca Privada, the private banking arm of Spanish bank Santander Central Hispano, said its net earnings rose 29.1 per cent in 2005 to ...

Banif Banca Privada, the private banking arm of Spanish bank Santander Central Hispano, said its net earnings rose 29.1 per cent in 2005 to €30.8 million ($36.5 million). Assets under management reached €25.8 billion, with the average balance per client increasing by 25 per cent. The bank recently won Euromoney’s best private bank in Spain and said in its results statement that it opened eight new branches throughout the country in 2005, which pushed up expenses by 9 per cent. The Madrid-based bank also recently announced the appointment of Isabel Tocino, former environment minister in the Spanish government, to its board. The bank has also appointed Lluis Carulla, chairman of Spanish company Agrolimen, as board member.