Lombard Odier has appointed Ivan Basa, senior vice president at the bank’s Madrid office, the local managing director of Spain.

Basa replaces Jose Couret, who will remain within the group as senior banker and advisor.

The bank aims for a smooth transition with this internal nomination. In addition, the goal is to maintain its unique values and client-centric approach.

Basa will report to Stephen Kamp, head of Southern Europe & Latin America for private clients, and Stephane Herrmann, CEO of Lombard Odier (Europe).

Couret stated: “After many excellent years serving clients and leading the Madrid office, it is time to hand over the legacy to a great colleague with a brilliant career path. I am sure that the Bank will continue along the same line of growth in Spain, as a country with great potential in the private banking industry. As Senior Banker, I look forward to continuing to work with my clients, whilst expanding my role to advise the Lombard Odier Group in Spain.”

Basa added: “I am honoured to become Local Managing Director, following the successful expansion of Lombard Odier in Spain under José Couret. I am pleased to lead the local office with the support of a great team of professionals, maintaining close proximity to our clients and providing leading investment and wealth advisory services.”

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Kamp continued: “With Iván Basa as new Local Managing Director in Madrid, who has worked closely with José during the last five years, we will ensure continuity in our client offering within a key market for our Group. We look forward to working with José in his role as Senior Banker and Advisor, who will continue to add value through his strong client relationships and knowledge of our Group.”

Herrmann added: “Lombard Odier is recognised as one of the leading private banking institutions in Spain and internationally. We would like to thank José Couret for his leadership over the last 14 years, and his successful development of our Spanish franchise.”