The Spanish savings bank Caja Madrid has launched a new service to attract high net worth individuals. The bank aims to capture at least 50,...

The Spanish savings bank Caja Madrid has launched a new service to attract high net worth individuals. The bank aims to capture at least 50,000 new mass affluent clients in the next two years. It also hopes to increase its private banking customer deposits from €18 billion ($23.2 billion) to €25 billion by next year. Caja plans to invest more than €10 million in private banking services during the next few years. The bank said it plans to introduce investment advice to clients with liquid assets totalling more than €60,000. It also plans to sell warrants and foreign investment funds as part of its personal banking services. The Spanish market is one of the most fiercely competitive wealth management markets in Europe. It has one of the fastest growing high net worth populations, which makes it popular with both local and foreign wealth managers. Earlier this week, Swiss-based Banca del Gottardo announced plans to launch an asset management firm targeting high net worth individuals in Spain with a new office in Madrid.