Banque J. Safra Sarasin (Luxembourg) has set up a new branch in the Spanish capital of Madrid, in line with its plans to develop presence in core European markets.

The new office has been operating since 1 January 2022 as Banque J. Safra Sarasin (Luxembourg) SA, Sucursal en España.

It will serve clients domiciled in Spain, which includes private banking as well as institutional clients, and provide MiFID regulated investment services.

Banque J. Safra Sarasin (Luxembourg) SA CEO Jules Moor said: “Francisco has an outstanding reputation in the Spanish market and will contribute to the Bank’s continued success with his professionalism and expertise.

“With this new local presence, benefitting from its state-of-the-art platform in Luxembourg, the Bank is well positioned to serve clients in this strategically important market.”

Francisco Gomez-Trenor will lead the branch and will report to Moor.

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The branch is registered with the Bank of Spain and the National Securities Market Commission (CNMV).

“Bank J. Safra Sarasin’s strength, its family ownership and long-term strategic objective of focusing on private and institutional clients, together with its role as pioneer in sustainable investments for more than 30 years, will undoubtedly be a key to success,” Gomez-Trenor stated.

In 2019, Banque J Safra Sarasin opened a new office in Amsterdam.

Last year, the group was in the news for snapping up the private banking business in Hong Kong and Singapore of Bank of Montreal (BMO).