Creand Wealth Management grows 21% in 2023 and achieves a business volume of EUR 4.153 billion
Last year’s growth led to a 7% increase in profits, which now stand at EUR 465,000.
The bank just presented its strategic plan for the next three years and expects to achieve a business volume in excess of EUR 6 billion in 2026.
Creand Wealth Management, the Creand Group’s specialist private banking entity, closed 2023 with a 21% increase in business volume, with EUR 4.153 billion. Over the past year, the firm has managed to consolidate profits, with a 7% increase to EUR 465,000.
The company’s growth in the last year cements Creand as one of the leading private banking and wealth management firms in Spain, underpinned by the advantages of its combined model of banking, management and specialised multi-family office services with multiple custodians. On the one hand, the company focuses on personalised service, product specialisation and the possibility of offering financing thanks to its banking licence. On the other hand, the management firm, Creand Asset Management has been strengthened with the extension of licences to manage alternative vehicles, companies and venture capital funds, as well as the creation of the Family Office Division within the management company’s structure, following the integration of the high net worth business of GBS Finance.
The strength of Creand Wealth Management’s business model is also reflected in the high solvency and liquidity ratios (LCR), which at year-end 2023 were 22.61% and 296.19% respectively, far above the minimum requirements.
In 2023, Creand Wealth Management bolstered its service with the incorporation of 5 new private bankers, increasing its commercial team to 43 professionals, 21 of whom are based in Madrid, 16 in Catalonia and 6 in Valencia. The company currently has a workforce of 115 employees distributed across its three locations and central services.
Growth in all geographies
Creand Wealth Management’s business volume increased at its three offices in Spain. In Madrid, it grew 20% to EUR 2.498 billion. The Barcelona office reached EUR 1.277 billion under management, a 25% increase. And, lastly, the Valencian Community and Murcia business reached EUR 378 million, up 15% on the 2022 figure.
The External Networks segment also reached EUR 671 million under management, 10% more than the previous year.
Marcos Ojeda, Managing Director of Creand Wealth Management in Spain, explains that “2023 has been a year of outstanding sustained organic business growth of over 20%, which secures Creand’s position as a leading institution in the area of private banking. We have managed to consolidate our boutique wealth management and advisory model, innovating personalised products and services for our clients. This has allowed us to offer a greater range of options and adapt to the market environment, demand and expectations with a highly professionalised multi-family office service with the option of external custodians, among other things”.
New 2024-2026 strategic plan
The 2024-2026 strategic plan, which Creand recently launched internationally, sets a target business volume for Spain of over EUR 6 billion by year-end 2026. To achieve this target, Creand Wealth Management is committed to growing its team, pursuing product and service specialisation, driving innovation and the digital transformation, as well as continuing to explore inorganic growth.
Over the last three years, during which Creand Wealth Management has been operating under the Group’s unified brand, the company has increased its business volume by 70% from EUR 2.448 billion at year-end 2020. Also during this period, the number of bankers has almost doubled from 22 to 43.
The core of this positive evolution lies in sustained growth, focusing on retaining and attracting talent, reinforcing specialisation in products and services, the synergies of belonging to an international group with extensive experience in private banking and asset management, and corporate operations, such as the integration of GBS Finance’s family office business, which add strength and value to the company.
The Creand Group internationally
The Creand Group closed 2023 with profits of EUR 71.3 million, 60.05% more than in the previous year, and increased its business volume to EUR 27.62 billion, up 10.47% on 2022.
Creand Wealth Management is the trade name of Banco Alcalá, S. A.