BBVA relanza su banca privada y personal para acelerar el negocio

BBVA has relaunched its private banking division and staff to accelerate the business, aiming for nearly a 20% annual growth. The Spanish bank is focusing on gaining market share in the private wealth management sector. BBVA has revamped its private banking structure, introducing a new reorganization, expanded product portfolio, rebranding, and set new growth targets.

The new Global Wealth umbrella unifies personal banking, private banking, and wealth management under one structure and common identity. This enables BBVA to be recognizable across all markets where it provides services to high-net-worth clients. Starting from October, BBVA's personal banking for assets between 100,000 and 500,000 euros will be called Premium, private banking for assets between 1 and 2 million euros will evolve into Private Banking, and BBVA Patrimonios for assets above 2 million euros will become UHN Patrimonio.

Spain is the first country to launch this new platform, followed by Mexico and the rest of the countries by the end of October. With this move, BBVA aims to strengthen its positioning among high-net-worth clients, offering them a more consistent, personalized, and global experience to accompany them not only in their financial needs but also in those of their families and an increasingly international heritage.

Apart from a brand change, the new model will also bring improvements to the global offering. The institution, which has been reinforcing its catalog of products and services for high-net-worth clients for months, aims to provide a specialized value proposition that is homogeneous across different countries where it operates, offering different service levels for each client segment.

Some examples include the recent launch of a family office service, boosting investments in private markets, and enhancing offerings for products like cards and insurance.

Corporate-wise, BBVA appointed Salvador Sandoval, previously responsible for private banking in Mexico, as the new head of Global Wealth. The goal is to coordinate local branches and move towards a unified international private banking offer. BBVA believes this new structure will accelerate growth in the private wealth management business, which has seen double-digit growth in recent periods and is characterized by low capital consumption and strong client relationships.

The entity expects to improve this growth rate with the launch of Global Wealth, targeting near 20% annual growth globally and continuing to attract clients in all countries where it operates.