CaixaBank branch interior

• OpenWealth will focus on providing Multifamily Office services to clients with assets over €50 million by working with the best national and international service providers in the sector.

• With OpenWealth, CaixaBank becomes the first bank in Spain to offer its Ultra High Net Worth (UHNW) clients a global asset advisory service, regardless of where their assets are deposited – which may be in various entities.

• OpenWealth will have a team of ten experts who will provide exclusive service to each client. The subsidiary will use a new state-of-the-art technological tool to compile information from the various entities for a complete view.

CaixaBank has created OpenWealth, a new independent and global advisory service for the bank‘s UHNW clients. As a 100% owned subsidiary of the CaixaBank Group, Open Wealth will provide this service to clients with assets over 50 million euros.

OpenWealth will offer a “Multifamily Office” offering for clients with significant wealth, selecting the best service providers for each need, then carrying out in-depth analysis and due diligence on all options available in the market. All of this will be achieved through a model of total independence and explicit billing for the service.

The new company will provide its customers with in-depth knowledge of the market as well as the possibility of benefiting from the Group’s partnerships. This will allow the best personalized solutions and collaboration with various private banks and asset managers, without prioritizing any entity, since the CaixaBank group will act as a simple financial services provider.

OpenWealth, as an independent business, will offer a holistic service that comprehensively addresses client needs – from the process of strategic asset allocation and providing consolidated information to sourcing domestic and international providers when services specific are required. Accordingly, companies outside the CaixaBank group will also be able to provide advisory, discretionary portfolio management, RTO and custody services.

This pioneering model in the Spanish banking sector will also use state-of-the-art technology and will include unified reporting with the consolidation of all positions of financial and non-financial entities, thus offering a complete view of the portfolio that allows analysis of global investments at any time. moment.

OpenWealth will have a team of around ten experts who will have access to all of the Group’s resources. This bespoke advisory service complements CaixaBank Wealth – the independent advisory unit for Private Banking clients which was launched in 2018 and offers maximum cost transparency by explicitly charging for the advisory service and processes that ensure the best alternatives in the market, providing customers with the widest range of products and services.

Víctor Allende, Director of CaixaBank Private Banking, said: “OpenWealth will contribute significantly to the bank’s private banking activity in terms of positioning”. He also added that this new service “will make CaixaBank the first bank in the national market to offer a multifamily office service, thus obtaining a competitive advantage in the segment of large clients, since we will be able to assist them with all their assets, which can be distributed among different private banks”.

Once again, the Private Banking division of CaixaBank launches an innovative value proposition based on the alignment of clients’ interests, with the aim of anticipating the transformation of the Private Banking industry in the future.

CaixaBank Private Bank

CaixaBank Private Banking’s value proposition offers different service models to adapt to the needs and preferences of each client. The CaixaBank Private Banking model relies on a team of nearly 1,000 specialized professionals and has 73 specific centers spread throughout the country.

The Private Banking business strategy is centered on employing highly qualified, committed and talented advisors, and implementing the latest technologies, with the aim of delivering the best customer experience anytime, anywhere. .