BBVA broadens private banking operations in Spain

BBVA Private Banking has taken a substantial step by bringing in 28 new bankers in Spain, marking a notable 38% increase in their workforce. This strategic move aims to enhance the level of personalised service provided to customers, resulting in a total team of 101 seasoned experts.

Among these 28 additions, 13 bankers have been appointed to focus on the Ultra High Net Worth market, catering to individuals with a net worth exceeding €10 million. This initiative aligns with BBVA Private Banking’s commitment to offer comprehensive solutions tailored to the unique needs of high-net-worth clientele.

Fernando Ruiz, the head of BBVA Private Banking in Spain, emphasised the unit’s extensive experience spanning over two decades. With a remarkable track record of year-on-year growth, BBVA Wealth Management has solidified its reputation as a leader in high-net-worth management. This steady growth trajectory has resulted in the management of assets exceeding €15.7 billion.

The presence of BBVA Wealth Management is substantial, encompassing 16 satellite offices that create a robust network across Spain. Additionally, the unit operates seven specialised centers situated in strategic locations including Madrid, Barcelona, Bilbao, A Coruña, Seville, Valencia, and Gran Canaria.

The team’s size has now expanded to 101 skilled professionals, reflecting an increase of 28 bankers compared to the previous year. Within this unit, specialised teams concentrate on crafting investment solutions, conducting thorough market analysis, and offering comprehensive wealth planning services.

Fernando Ruiz underscored the vital role that the BBVA Wealth Management unit plays within BBVA’s Private Banking division in Spain. This strategic expansion reinforces the institution’s dedication to serving the upper echelon of the market, with an emphasis on providing personalised support tailored to each individual client.

Notably, the framework has been updated to offer advisory services to all high-net-worth consumers, regardless of their net worth. This stands in contrast to the previous threshold of €5 million. The advisory service will be provided on an explicit commission basis, and clients will benefit from a range of advantages including customised solutions, proactive assistance, and the avoidance of potential conflicts of interest.

This comprehensive strategic plan for BBVA Private Banking in Spain was unveiled in 2021, with a primary focus on the years 2021 and 2022. The objective of this plan was to broaden the reach of specialised private banking services to a wider customer base. The success of this strategic initiative is highly evident, as it led to an impressive 31% growth in assets under management, surpassing €100 billion. Additionally, the customer base expanded by an impressive 70%, reaching almost 103,000 customers, as compared to the figures from 2020.