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It was almost two decades ago that Lombard Odier first arrived in Spain. More than thirty people are now employed at the private bank’s Madrid office and, as its Managing Director in Spain Iván Basa explains, from there they go to “wherever the client happens to be.” Lombard Odier, one of the oldest banks in Switzerland, has a physical presence in the major international capitals and manages over EUR 320 billion in assets worldwide. Its mission is to be the private banker of reference for entrepreneurs and their families.
Iván Basa points out that the Valencian Community is one area where Lombard Odier wishes to “increase its positioning considerably”, as the region, where family-owned businesses play a crucial economic role, “fits the bank’s profile very well.” The Managing Director explains that Valencian autonomy provides a framework for legal certainty, which is extremely attractive to investors from both a domestic and international point of view. Moreover, the region has grown significantly in recent decades.
Regarding the uncertainty surrounding Donald Trump’s tariff policy, Iván Basa says that if one disregards the noise, the signals are “very clear”: the United States has a trade deficit that it wants to reduce and it will reach agreements with third countries, but will, “at the very least, set tariffs of 10%.” This scenario, he argues, will broaden the gamut of investment opportunities on a global scale.
Lombard Odier is a global firm with an independent investment approach. What I invest in terms of asset allocation on behalf of a German or Italian client, for instance, is the same as for a Spanish client. We have a presence in twenty-five countries, in the world’s major capitals
What sets Lombard Odier apart from other private banks operating in Spain?
We are the second oldest bank in Switzerland, with almost 229 years of history, and, in Spain, we only provide private banking for families and private individuals. That means we have to offer them a good service along with a high level of return – these usually go hand in hand.
Moreover, Lombard Odier is a global firm with an independent investment approach. What I invest in terms of asset allocation on behalf of a German or Italian client, for instance, is the same as for a Spanish client. We have a presence in twenty-five countries, in the world’s major capitals.
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We are independent because we are not listed on equity markets – we do not have an investment bank, or a corporate bank, or any conflicts of interest. All decisions taken are aimed at enhancing customer service and preserving and growing our clients’ wealth.
What are the figures for Lombard Odier’s Spanish office in terms of headcount and asset management?
Globally, we manage EUR 320 billion. We have been in Spain since 2007, getting on for 20 years, and over that time we have become one of the country’s principal Swiss firms in the field of investment.
There are 32 employees in the Madrid office and we work with our head office in Geneva, where Lombard Odier has some 2,000 employees. In total, the bank employs 3,000 staff worldwide. What we do is take the inputs to create the matrix and adapt it for the Spanish market. Then we distribute it to our clients.
Do you have any plans to open offices elsewhere in Spain?
No, we don’t believe we will need to open any more because we can deliver our service to clients wherever they may be. We go to them, from Madrid to wherever they are located. Our smallest portfolio is around EUR two million. We have senior bankers to advise and manage the wealth of high-net-worth individuals and families.
Family firms come in a multitude of shapes and sizes, so we provide only bespoke solutions, based on building relationships and understanding each client’s unique needs
What is Lombard Odier’s strategy in the Valencian Community?
It is one of the areas where we want to enhance our positioning the most, because it is ideally suited to our profile. We are a bank of entrepreneurs, managed by six Managing Partners, with a long history of family ownership – our clients truly appreciate this. At the end of the day, when one of our partners sits down together with a business owner at the same table, it’s all about family business.
We are well aware that growth in the Valencian Community has been spectacular over the last few years, even for startups, which used to be concentrated in other regions.
The younger generations are expected to have a huge impact. Some of our clients have grown their family businesses and their assets, and are now beginning to transfer them to those new generations, who often have a very different outlook. We have a lot of experience and are often deeply involved in these transitions, for example through training. We support clients with aspects such as family governance, tax planning and inheritance. Family firms come in a multitude of shapes and sizes, so we provide only bespoke solutions, based on building relationships and understanding each client’s unique needs.
How would you assess the current situation of the Valencian Community from an economic point of view? Its growth forecast for this year exceeds the economic growth forecast for Spain as a whole.
This seems logical to me. The thing investors want to know before making an investment decision is whether there is legal certainty. Then they carry out a financial analysis of the investments. What the Valencian Community has been doing for a long time is to let investors know that they will have legal certainty. This attracts both domestic and foreign investment.
I believe that the Community has done this really well and has obviously reaped the benefit. The Valencian Community is large and uniquely located. It has invested in infrastructure and has good communications. If legal certainty exists, investment will come, and I believe this has benefitted Valencian family businesses.
Has uncertainty at the international level affected clients’ ability to reach decisions on the management of their assets?
It is essential to differentiate between the noise and the signals – the signals are very clear. The United States has said that it will put tariffs on the table. It has a very large trade deficit and it wants to do something about it. That is the reality. There may well be noise, but those are the signals and they are here to stay.
We believe that trade agreements will be reached, but, at the very least, tariffs will remain at 10%. As investors, we can live with that. We think that the global outlook overall is very interesting. We should start to see more investment opportunities in other countries. You can invest in emerging markets, in India and in other Asian countries. After that, I envisage that growth in the medium term will be good.
By sector, where do you see opportunities for investment?
Anything related to artificial intelligence and its application across sectors is economically disruptive and will create opportunities. Biotechnology as well, or the high-quality computer chips that China is now starting to produce. The chips they make used to be inferior to those made in the United States, but the gap is closing at lightning speed. Which countries are going to emerge as winners in these sectors? This is what investors must analyse in detail.
Anything related to artificial intelligence and its application across sectors is economically disruptive and will create opportunities
In relation to this, you mentioned that 2025 will be a good year for investment and private banking.
We believe that the market is now firmly rooted against a backdrop of 10% tariffs. The results for S&P 500 companies were better than expected during the first quarter of the year, which gives the market depth. It is true that the trade uncertainty created since April has curbed the activity of investment banking a little, as have mergers and acquisitions. However, if trade agreements are reached, as we expect they will be within the coming weeks or months, we believe that the dynamic will actually prove to be positive.
And in the case of Lombard Odier, have you set a goal or strategy?
Our strategy – what we want to be – is a bank of reference for family businesses. And from that point of view, we want to make people aware of how we manage both liquid and non-liquid assets.
We want to keep growing organically, and to give our clients an exceptional wealth management service. We also want to help them with succession planning and family transitions – this is an area where we have deep experience and expertise.
Lombard Odier has a clear commitment to sustainability. What exactly does that mean to a client?
For younger generations, sustainability is tremendously important. It is part of their DNA, just as it is for us at Lombard Odier. This is a conviction we developed many years ago. This does not only mean environmental sustainability, it also means social sustainability. In fact, we were involved in the founding of the Red Cross and still work with them to this day.
We have always seen sustainability as something that adds investment value in the long term. In other words, it should be good for the planet as well as being a suitable investment. If you take this approach, it can be a complete game-changer.
You became managing director in 2022. What has your priority been during this time, and what are you most proud of?
What I am most proud of is, firstly, to have doubled our share of the commercial banking market, and, secondly, to have achieved greater brand awareness in Spain over the last two years. This is quite a feat for a brand already as well-known as Lombard Odier. I would say those are the two landmark achievements.
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