Spanish bank sets up UHNW wealth operation

It will serve customers with assets over €50m

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CaixaBank has unveiled a global advisory service for its ultra-high net worth (UHNW) customers.

As a fully-owned subsidiary of CaixaBank Group, OpenWealth will provide multi-family office services to customers with assets over €50m (£43m, $54m).

OpenWealth will select providers and conduct analysis and due diligence on all the options available in the global wealth market.

A team of roughly 10 professionals will be given access to all the CaixaBank Group’s resources.

It will complement CaixaBank Wealth – the private banking unit launched in 2018.

Víctor Allende, director of CaixaBank Private Banking, said the service “will make CaixaBank the first bank in the domestic market to offer a multi-family office service, thus achieving a competitive edge in the segment of large customers, as we will be able to assist them with all their assets, which may be distributed among various private banks”.

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