BBVA Private Banking has hired 28 new bankers (a 38% increase) in Spain to provide more personalised service to customers, bringing the total workforce to 101 experts.
13 of these new entries will target the Ultra High Net Worth market (net worth greater than €10m).
Fernando Ruiz, head of BBVA private banking in Spain said: “BBVA Wealth Management has more than 20 years of experience. Two decades have turned this BBVA unit into a benchmark in high-net-worth management, with year-on-year growth leading to assets under management of more than €15.7bn.’’
BBVA Wealth Management presently runs 16 satellite offices providing a denser network across Spain in addition to 7 specialised centres in Madrid, Barcelona, Bilbao, A Corua, Seville, Valencia, and Gran Canaria.
The team now has 101 professionals on it, an increase of 28 bankers from the previous year.
Teams within the unit focus on investment solutions, market analysis, and wealth planning.
“The BBVA Wealth Management unit has always been a key part of BBVA’s Private Banking area in Spain. With this new drive, we want to further strengthen our commitment to this upper tier of the segment, by reinforcing our team to offer support tailored to each client,” added Ruiz.
Contrary to the current framework, which established an admissible threshold for this type of advice at €5m, all high-net-worth consumers will be eligible for the advisory service on explicit commission.
Significant advantages of the service include being tailored, proactive, avoiding any potential conflicts of interest, and providing a choice of customised price options, including embedded commission or explicit commission.
The new strategic plan for BBVA Private Banking in Spain was introduced in 2021. It was primarily concerned with private banking in 2021 and 2022, was designed to reach a larger customer base with specialised private banking services.
Overall, the plan’s success is highly encouraging, as it increased assets under management by 31%, to more than €100bn, and customers by 70%, to almost 103,000, compared to 2020.