Private Banking is a dedicated business area that financial institutions emphasize for high-net-worth clients. Typically, these clients hold assets well beyond the average level and have access to products and services that are not readily available to the general public. The strategies within this segment vary based on each client profile, aiming to meet the aspirations and needs that a given client desires.
In Spain, Sabadell illustrated how plans can be adjusted to attract more customers by listening to their expressed demands. A key component of this effort was building a proximity network. At the outset, wealth in private banking began with assets around half a million euros and a legacy of one million euros, with assets expanding over time. In Catalonia, the program grew rapidly from 9,800 to nearly 30,000 clients, as explained by Xavier Castells, who led this initiative in the region. This progression positioned the private banking line as a major growth driver for the bank. Some existing clients continued to receive this specialized service, while others joined for the first time. The plan for Catalonia aimed to attract more than 2,200 private banking clients that year, representing roughly a third of the national results, while the legacy portfolio stood at approximately 194 million euros, up 8 percent and close to 4 percent respectively across the broader spectrum.
Across the Catalan region, the managed private banking business volume moved from 9,000 to 16,000 million euros. Bank-wide, total assets reached 36 billion euros and were projected to rise by 7–8 percent within the year.
more personal
Strengthening this business in Catalonia also led to a significant shift in staffing, increasing the dedicated team from 52 professionals to about 180, and expanding far beyond the original count within the entire bank, which rose from 175 to 482. The typical client profile in this segment includes individuals aged 60 to 65 who have built substantial savings over a lifetime, according to Castells. While some wealthier clients existed, saving patterns often date back to decades prior, reflecting long-term accumulation.
Preparatory work for private banking began in 2018 with a focus on regulatory alignment. Staff handling these services underwent training to meet MiFID II requirements, with many team members achieving level 2 certifications and the majority holding the designation of European Financial Planner Adviser (EFPA). The regulatory framework, including MiFIR, strengthened investor protection and guided the service approach for clients in this sector.
Analyses from surveys conducted with more than 2,000 current and prospective clients led to a shift away from traditional private banking models. The new approach emphasized the customer experience across different channels within the bank’s branch network, supported by the strategic partnership with Amundi Asset Management. The bank also leveraged its own funds and those produced for Sabadell Asset Management to enhance offering and results.n
Sabadell, known for its Sabadell Urquijo private banking brand following the 2006 acquisition of Banco Urquijo, decided to separate private banking from general personal banking. This included distinguishing clients who require advisory services due to their product needs. In total, about 63,000 clients switched into private banking, and the segment now serves roughly 93,000 clients across Spain. The segment’s structure was further refined by asset tier: clients with less than one million euros, approximately half a million, were integrated into private banking, totaling around 78,000 clients nationwide; those with more than one million euros belonged to the wealth sub-segment, numbering about 15,000 people. This tiered approach reflects the bank’s strategy to tailor services to asset levels and client expectations, aligning resources with client needs and risk appetites.