The entity, which has set a business volume target of 5,000 million euro by 2024, already has 38 private bankers and plans to incorporate six more this year.
Over the last year, strategic alliances have strengthened its already well-established business model, focused on comprehensive customer service, and it has become a benchmark in private banking and wealth management.
Creand Wealth Management, the private banking specialist of the Crèdit Andorrà Group, closed 2022 with a 38% increase in business volume, which reached 3,429 million euro. This figure places the bank among the leaders in private banking and wealth management in Spain. The entity made a profit of 435 thousand euro.
This good business performance was due to organic growth of 484 million euro, a notable sum in the context of a falling market. Organic growth was accompanied by 641 million euro from the integration of the high net worth advisory business and the Family Office of GBS Finance, which led to the creation of the new Family Office section. The division allows Creand Wealth Management to intensify its focus on comprehensive customer service that is independent, responsive and aligned with their interests.
The strength of Creand Wealth Management’s business model is also reflected in its high solvency and liquidity ratios, which at the close of 2022 amounted to 25.07% and 183.17%, respectively.
Creand Wealth Management has targeted a business volume of 5,000 million euro by the close of 2024 and will therefore focus on consolidating its strategy based on seeking alliances. It also plans to reinforce improvements in customer service capacity and ongoing specialisation, both of the team and of products and services, and to promote digitalisation.
During 2022, Creand Wealth Management added five new private bankers to its staff, thus increasing its commercial team to 38 professionals, 22 of which operate from the Madrid office, 10 from Catalonia and 6 from Valencia. Creand Wealth Management aims to incorporate six new bankers in 2023. The bank currently has 103 employees at its three branches and in its central services.
Consolidation of business at the Barcelona and Valencia offices
Business volume at the Barcelona office of Creand Wealth Management exceeded 1,000 million euro in 2022 for the first time in its history, and experienced a 13% increase to reach 1,021 million euro. In the Valencia region, the company experienced growth of 34% and a business volume of 330 million euro. The entity’s business volume in the Valencia region has grown by 68% in the last two years.
According to Marcos Ojeda, Managing Director in Spain of Creand Wealth Management “2022 was an exceptional year for us, despite market circumstances, as we were able to adapt to the needs of our customers and also because of our teams of experts who offer faultless service. This past year we have generated growth and consolidated our role as a benchmark firm in wealth management and advice, which is our core business. The new Creand Wealth Management brand, which we have established in the sector in just two years, and the fact we belong to an international group with extensive experience in the industry, are also two attractive appeals with which to consolidate our position in private banking, to attract talent and to build loyalty among our customers.
*Creand Wealth Management is the commercial brand of Banco Alcalá, S. A.