Spanish bank Bankinter has launched an independent advisory service for HNWI in a move aimed at consolidating itself among the main reference banks in this segment.
The new service aims at offering a differentiated and specific advisory service to private banking clients that is in compliance with the different options offered by the Mifid II regulation, Bankinter said.
To the date, Bankinter's asset management activities were carried out just under the non-independent advisory option, extended now with the addition of this independent financial advisory.
The proposals resulting from this service will be made after carrying out a thorough analysis of the market and the different investment trends that are available regardless the entities they belong to.
"In this way, Bankinter will guarantee its independence of criteria when it comes to giving advisory, since the wider is its offer, the best the ideas are within each investment area", the bank explained.
The new division will be run by a specific team that will be part of Bankinter's private banking division and that is expected to be expanded as the number of private banking clients grow.
Bankinter's private banking business managed some €37.1bn in assets as of the end of September, a figure representing a 9% YoY increase. The division received €2.6bn of net new money just over the first nine months of 2018.