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Stock impact report

Santander Hires Private Bankers to Target Wealthy Clients in Miami, Mexico [BNN Bloomberg (Canada)]

Banco Bilbao Vizcaya Argentaria S.A. (BBVA) 
US:NYSE Investor Relations: shareholdersandinvestors.bbva.com
Company Research Source: BNN Bloomberg
The Spanish lender started boosting the high and ultra-high segment of its private banking business last year and has since hired 90 bankers, according to a person familiar with the appointments. Most hires have been at Santander's Miami and Mexico units. Assets under management at Santander's Wealth Management & Insurance division, which is headed by Victor Matarranz and includes private banking and asset management, grew 14% in the first quarter from a year earlier to €482 billion ($519 billion). The bank aims to reach a target of €500 billion by the end of 2025, the person said. Other Spanish lenders are also expanding their private banking business. Earlier this year, Banco Bilbao Vizcaya Argentaria SA opened a new office in Miami to serve wealthy Latin American clients. Besides private banking, Santander's corporate and investment banking unit has also been on a hiring spree as it takes advantage of weakness at its Wall Street peers to grow. The Spanish bank last week repo Show less Read more
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