Spanish bank BBVA foresees more growth from its wealth management business in Latin America than from its domestic base, its chief investment officer in charge of private banking said at Reuters Wealth Management Summit.

Enrique Marazuela said: " Latin America has more growth potential for BBVA in high net worth individuals than Spain, as the economies in the region are growing."

BBVA has a strong presence in Brazil, Chile and especially Mexico, in which country it owns the biggest bank, Bancomer.

Mr Marazuela noted the negative inflow of funds at BBVA's Spanish private banking division "due to the fact that property sales are not as high as they were over the last ten years. And we are not transferring any money to the property sector. What we have seen in Spain, however, is a flight to quality in terms of which banks Spanish clients choose to manage their money."

BBVA, Spain's second largest bank, had €10.5 billion ($14.3 billion) under management at its private banking division at end June, compared to €11.4 billion at end December.