Spain’s Ibercaja has integrated its private banking subsidiary Ibercaja Patrimonios to the commercial structure of the bank.
With the move, Ibercaja expects to double its private banking unit by the end of 2018, reaching €9.8bn in assets under management and 12,500 clients.
The target will be met by relocating Ibercaja Patrimonios’ customers with more than €300,000 in savings to the bank’s commercial structure. Growth is also expected to be achieved through new clients of which more than 80% will come from Madrid, Levante, Burgos and Catalonia. Ibercaja has designed specific growth plans for all these regions.
Until now, the bank’s private banking business division has been operating as a subsidiary, which since 1998 has been active in the offices of Zaragoza, Logroño, Barcelona, Madrid, Valencia, Burgos, Badajoz and Seville.
The bank now incorporates to its network Ibercaja Patrimonios, which will allow to materialize more efficiently the existing synergies with the asset management networks and the bank’s personal banking and business banking segments, the bank said.
In addition, the bank will increase the number of private banking portfolio managers by 40 professionals, to reach 78 by the end of 2018.