Best Private Bank in Spain - BBVA Banca Privada

Best private bank in Spain for the second year running, BBVA Banca Privada gained more than 6,000 new clients last year and net new money grew by €2.7bn to reach around €39bn in total AuM. The focus was about improving communication and transparency and to adapt to clients’ new needs, such as those arising from modern lifestyles.

“We are carrying out a revolutionary project to change the way we interact with clients using new channels,” says José Garcerán, head of private banking in Spain. “Being a pioneer in the use of new technology solutions is what mainly differentiates us from our competitors”.

BBVA has been the first private bank in Spain to launch an iPad allocation and is investing a considerable amount of resources to upgrade its web-site, iPad and smart phone offerings.

In late 2009, the bank allocated an ambitious three years budget of €11.7m - of which €3.6m was invested last year - to create a more robust integrated private banking platform, involving the upgrading of portfolio capabilities, financial planning and reporting tools through different channels.

“Transparency is one of the key targets of our integrated private banking model,” says Mr Garcerán. “Clients will be able to gain access to their positions, make transactions and produce reports across different channels.” In 2010, the bank started offering new integrated reports on a monthly basis.

More robust and systematic processes govern the relationship between advisers and clients, and the team working model has been improved to enable relationship managers to better leverage the expertise of specialist in-house teams.

While new branches and flagship offices are being redesigned, remote adviser positions were also introduced.

In 2010, BBVA’s open architecture fund platform, Quality Funds, was restructured into four dedicated departments in order to minimise operational risk and improve transparency. Its head-count has doubled to 35 people since late 2009. ET