Banca March strengthens its commitment to the Canary Islands and plans to increase its Private Banking and Business customers by 50% in three years
26 October 2023 Category: Banca March
- José Luis Acea, CEO of Banca March, discussed the 2023-2025 Canary Islands Plan, which aims to firmly advance the bank's strategic model, increasing specialisation in the private banking and corporate advisory services and continuing to deepen its presence in the non-resident market.
- The bank expects to close 2025 with a 26% growth in business volume, to 3.3 billion euros, with a 50% increase in the number of Private Banking and Business Banking customers.
- The bank will concentrate its Business Banking business in two large specialised centres in Tenerife and Gran Canaria (in addition to Fuerteventura).
- A Non-resident Centre will also be set up in Tenerife Sur.
At the inauguration of Banca March's new business hub in Las Palmas de Gran Canaria, the bank's CEO, José Luis Acea, outlined the objectives of the 2023-2025 Canary Islands Plan, which sets out to increase the number of Private Banking and Business Banking customers by 50% in three years.
The objective of Banca March's Canary Islands Plan is to "firmly advance the bank's strategic model, increasing specialisation in the private banking and business advisory services, and continuing to deepen its presence in the non-resident market", says the bank's CEO. Banca March expects to increase its business volume between 2023 and 2025 by 26%, to around 3.3 billion euros, with a 49% increase in assets under management.
As for Banca de Empresas, Banca March is firmly committed to this segment in the Canary Islands, where it already has more than 3,000 customers. Specifically, 36% of companies in the Canary Islands with a turnover of more than 3 million euros are customers of the bank. Banca March is looking to concentrate this business in two large specialised centres in Tenerife and Gran Canaria (in addition to Fuerteventura).
Another of the bank's levers for growth is the non-resident market, where Banca March has a growing market share: 17% of Private Banking, 15% of Personal Banking and 34% of Retail Banking customers. Banca March's plans include the creation of a Non-resident Centre in Tenerife Sur.
José Luis Acea, CEO of Banca March, says: "In the Canary Islands, the bank has embarked on a radical change of model in recent years, moving towards a more specialised business model. The region is ready to take a major step forward”.
Banca March, the most solvent bank in Spani, with a CET 1 of 20% as at June this year, already has a significant presence in the Canary Islands. The bank's business volume at the end of September amounted to 2.7 billion euros, an increase of 5% since the beginning of the year, with a considerable increase of 8% in assets under management, driven by a customer growth of more than 12%.
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