Banco Santander has once again made a “clausulazo” to CaixaBank, this time, to try to stimulate private banking activity for the richest. After having signed, last September, Víctor Allende, who had succeeded in boosting the private banking activity of CaixaBank, the Cantabrian bank is looking for another key element in the activity of the Catalan bank: Sol Moreno de los Ríos, who managed the OpenWealth zone, with richer assets, will become part of Santander two years ago.
The arrival of Moreno de los Ríos is a continuation of the signing of Allende and confirms the interest of the Cantabrian bank in competing in this type of business with OpenWealth, which has managed to become the largest multifamily office service in Spain, with more than 7.3 billion euros of assets under supervision.
CaixaBank reacted quickly after the news and decided to appoint Marta Alonso as the new director of the OpenWealth subsidiary, and thus lead the largest wealth consultancy firm in Spain by size. Alonso previously headed the independent Private Banking advisory sector of the Catalan bank, in addition to holding a position as director of the manager CaixaBank Wealth Management Luxembourg, the entity’s international private banking subsidiary.
