Spanish Bank BBVA is targeting growth among Chile’s high net worth market and will invest $5 million to double its client base to 50,000 by ...

Spanish Bank BBVA is targeting growth among Chile’s high net worth market and will invest $5 million to double its client base to 50,000 by 2007, according to an interview with the bank’s head in Business News Americas. BBVA’s Chilean unit is aiming to boost its “VIP” segment to represent 30 per cent of its customer base and 50 per cent of its loan portfolio. The fresh funds will be invested in technology and staff training to increase BBVA's differentiation from its competitors in the VIP segment, said Miguel Angel Domenech, the head of retail for the Spanish bank in Chile. The bank launched a wealth management in July unit to target higher income individuals. This segment of the market consists of 10,000-15,000 people, with a total investment potential of some $10 billion. BBVA is Chile's fifth largest bank in terms of lending and assets. The Spanish bank is also one of the largest financial groups in Latin America and it runs the second biggest banking franchise in Spain.