Skandia To Start Private Banking In Spain - Report

Tom Burroughes

20 March 2009

Skandia, the European financial services and investment firm, has unveiled plans to start private banking activities in Spain, according to Citywire, citing a senior executive in that country.

For many years Skandia has restricted its activities to the institutional level in Spain, but now plans to include those private individuals with a wealth ranging from €60,000 to €3 million, the news agency said.

Skandia did not immediately reply to emails from WealthBriefing about the matter.

José Ramón Morso, general manager of Skandia in Spain, says there are plenty of opportunities for those companies that give independent advice.

“We have seen that the customer has a lack of confidence now. There are mainly two different customer cases: one, where the customer knew what he was buying, and is willing to assume the risk involved in the investments made. On the other side, the customer that did not know really what he was buying. This type of case should not be repeated,” he was quoted as saying.

To support its private banking activities, Skandia has opened two new offices in Madrid and Valencia, the report said.