Banif leads ‘la liga’ of Spain’s private banks
Record profits for domestic players as foreign subsidiaries fall behind
Combined profits of Spain’s eight specialised private banks tripled during the first quarter of 2004, compared with last year’s figures, according to data from the Asociación Española de Banca.
Banif, private bank of the Santander group, was first in terms of pre-tax profits during Q1, with €8.9m, followed by Caja Madrid’s subsidiary Altae with €580,000. The private banks of Sabadell, Urquijo and Popular also recorded profits. Foreign-owned players UBS España, BNP Paribas and Credit Suisse all registered losses.
Private banking has experienced a recent surge of growth in Spain. Specialised banks compete with retail networks, asset managers and family offices, all offering wealth management services.
“The idea of private banking in Spain has been contaminated by the retail sector,” said a Banif spokesman. “However, we need to differentiate between those who offer banking services for the rich through retail networks and those who are 100 per cent dedicated to private banking like ourselves.”
