Spain’s Banco Espanol de Credito plans to focus on private banking in the coming months, according to the bank’s chairwoman, Ana Patricia Bo...

Spain’s Banco Espanol de Credito plans to focus on private banking in the coming months, according to the bank’s chairwoman, Ana Patricia Botin. Speaking yesterday during a presentation on the bank’s nine months results, Ms Botin said Banesto plans to announce a number of new initiatives in the private banking arena very soon. The bank, which is controlled by Spain’s largest bank, Santander Central Hispano, announced a net income rise of €144.2 million ($173.9 million) from €122 million a year ago. Ms Botin is the daughter of Santander’s chairman Emilio Botin. Spanish banks and many of their foreign compatriots are gearing up for expansion in the local wealth management sector, as the country is viewed as one of the most ripe for expansion in Europe. Last month, Pictet announced it was opening a private banking branch in Madrid.