The integration of the private banking business of Banco Urquijo into Spanish wealth managers Sabadell Banca Privada following its acquisiti...

The integration of the private banking business of Banco Urquijo into Spanish wealth managers Sabadell Banca Privada following its acquisition in May 2006 has created a new bank, Banco Urquijo Sabadell Banca Privada, which will operate under the brand name Banco Urquijo. The new Banco Urquijo has a network of 17 offices in Spain and specialises in asset management for individuals, family businesses and institutions. Stepping up from managing director, Francisco Vallejo is now the chairman of the new bank and Manuel San Salvador its new managing director. According to the bank, integration has gone well. Networks and teams have been absorbed within a single technological platform and a new business structure in which Banco Urquijo will be the bank and brand of the Banco Sabadell group specialising in private banking throughout Spain. But all has not been sweetness and light at Urquijo: last month, Bancaja – the official savings bank of Valencia - bagged a strong team from Urquijo for its private banking division, including head Francisco Gomez Trenor and deputy Manuel Balanzat, because Sabadell had been unable or unwilling to confirm the then Urquijo team’s positions post-acquisition. And in order to avoid overlap, 32 of the 60 branches Banco Urquijo had prior to the integration into Banco Sabadell have been merged with Banco Sabadell branches: 18 have been incorporated into the branch network of Banco Sabadell operating under the SabadellAtlántico and Banco Herrero brand name and 10 belong to the new private banking branch network.