Spanish Banks Set up Wealth Management Joint Venture

Paul Das

23 May 2005

Spanish investment bank Nmas1 and Corporacion Caixa Galicia have set up a joint venture company, NCG Patrimonios, through which they will be offering private banking services in the Spanish autonomous region of Galicia. The new firm is targeting having €150 million ($188.3 million) of assets under management within the first year and will open offices in the regional cities of Vigo and La Coruna at the beginning of June. Set up in 2000, Nmas1, which is chaired by Santiago Eguidazu, set up subsidiary Nmas1 Red to manage its expansion in Spain. It has offices in Madrid and Barcelona, and has plans to open offices in the Basque Country, Valencia and Zaragoza. Nmas1 also operates in the Portuguese market.