Banca March, Spain's most solvent bank, completes the acquisition of BNP Paribas' private banking activity
22 July 2022 Category: Agreements
Banca March has integrated the High Net Worth and Very High Net Worth segments of BNP Paribas Wealth Management in Spain.
- Banca March, Spain's most solvent bank, has integrated a total business volume of €3.3bn and 750 customers groups, stepping up its growth and growing its market share as a specialist provider of private banking and corporate advisory services with a core focus on businesses and business leaders.
- The transaction was completed with a 95% retention rate of the business subject to acquisition, underscoring the strong levels of customer trust in Banca March's business model. In line with global private banking best practices, this business model is underpinned by a sector-leading capital adequacy position (Banca March is Spain's most solvent financial institution), responsible advice, an impeccable reputation, outstanding quality service, advisory technology and the best-trained professionals in the sector. These attributes allowed Banca March to secure regulatory approval in just four months.
Banca March, Spain's most solvent bank, has completed the integration of BNP Paribas' private banking business line in Spain, which it has acquired. France's BNP Paribas will continue to offer comprehensive services in its HNWI business line. The transaction announced last February has been completed swiftly, both in terms of securing regulatory approvals and of rolling out the procedures and systems required for a seamless integration of customers and positions.
Through this transaction, Banca March has integrated the High Net Worth and Very High Net Worth segments of BNP Paribas Wealth Management in Spain – representing total customer assets of €3.3bn and 750 family businesses – primarily into its Wealth Management area.
The acquisition was completed with a 95% business retention rate, underscoring the strong levels of customer trust in Banca March's business model. In line with global private banking best practices, this business model is underpinned by a sector-leading capital adequacy position (Banca March is Spain's most solvent financial institution), responsible advice, an impeccable reputation, outstanding quality service, advisory technology and the best-trained professionals in the sector. These attributes allowed Banca March to secure regulatory approval in just four months.
In 2018, Banca March bought BNP Paribas' Mass Affluent private banking business line in Spain. The optimal integration experience for customers and professionals alike, Banca March's excellent solvency levels and its outstanding service quality were all crucial factors in the selection of Banca March in this latest transaction. Quality surveys performed by independent consultancy firm STIGA among the customers integrated by Banca March in 2018 revealed that these customers scored their managers 9.09 out of 10, with an Overall Satisfaction Rate for the bank of 8.24 and a Net Promoter Score (NPS), which measures the degree to which they would recommend the bank, of 32.24%, which is classified as an excellent level.
Banca March CEO José Luis Acea said: “Just as we did in 2018, we completed the integration process efficiently, maintaining optimal quality levels. We want newly-integrated Banca March customers to enjoy excellent advisory services and the peace of mind that comes from joining a private banking ecosystem backed by Spain's most robust bank, with unrivalled solvency levels and a business model underpinned by a long-term approach which protects customer assets from short term return pressures. Not only does Banca March have the best capital adequacy (CET1 of 18.54% at December 2021), liquidity and coverage ratios in the sector, it also has total equity of over €2bn, affording its customers complete security. To achieve the level of private banking services Banca March delivers, on a par with leading global financial institutions, a strong brand, an impeccable reputation and outstanding advisors are indispensable. Our employees are among the best-rated in the Spanish banking sector, which is the result of continuous, specialist training, a long-term approach and an absolute commitment to acting in the customer's best interests. We are also delighted to welcome the professionals joining Banca March from BNP Paribas Wealth Management; our management style – which places the bank's people at the core of every initiative and seeks to offer a motivating work environment – has garnered Banca March the highest global recognition in the field of Human Resources.”
Antonio Salgado, CEO of BNP Paribas Wealth Management in Spain, said: “The completion of this integration process is a milestone in our strategy, in line with other European markets, of delivering integrated financial, real estate and business asset planning services for high net worth clients with global needs, harnessing the extensive global capabilities of the BNP Paribas Group. The overarching goal of BNP Paribas Wealth Management in Spain – which has assets under management of over €5 billion following this transaction – is to position itself as the go-to financial institution for this investor profile.”
Banca March launches Avantio for the next generation of digital customers
Thanks to an intense digital transformation plan underway since 2018 with a total investment of €220 million, Banca March is now positioned as a leader in advisory technology, providing tools for both customers and managers which ensure a state-of-the-art omnichannel advisory experience.
The latest milestone in this ambitious project was the launch of Avantio – the most comprehensive investment platform on the market – to digitalise Banca March's private banking model for the next generation of customers, who want high-tech services and greater autonomy in managing their investments. This new service positions the bank at the forefront of online banking, offering the strongest omnichannel provision whilst remaining fully committed to delivering the tailored, expert advice that is, and will continue to be, the hallmark of Banca March.
BNP Paribas Wealth Management doubles down on its strategy to focus on HNW customers with global banking needs
BNP Paribas Wealth Management – which now has assets under management of over €5 billion in the Spanish market – will continue to specialise in serving high net worth families with global banking needs, offering a unique value proposition thanks to its extensive network of teams and resources both in Spain and worldwide. BNP Paribas Wealth Management offers tailored services for investors with a global profile, delivering highly-sophisticated, innovative solutions and harnessing the extensive capabilities of the BNP Paribas Group, including corporate and institutional banking, asset management and real estate services, among others.