Private banking in Spain: raising the bar in a changing wealth landscape

This article was originally published in Funds Society España on 18 May 2026

Today’s unpredictable markets have put the private banking industry in the spotlight. For Iván Basa, Managing Director of Lombard Odier in Spain, rather than putting the business at risk, the atmosphere of uncertainty is raising the bar for private banks.

“These factors are driving greater differentiation between business models,” Iván Basa argues. And although Spain is a highly banked market, he believes that is precisely why it offers strong potential for the kind of specialised, independent private banking model Lombard Odier offers. However, realising that potential requires a sound proposition and, above all, quality service.

In this interview with Funds Society, Iván Basa explains that he aims to build upon the double-digit growth Lombard Odier has already achieved in Spain so it can be sustained year after year, while continuing to nurture talent. But he is also clear on how the recipe for success has changed. “Market expertise and strong client relationships are no longer enough,” he argues. “Now, private banks also need to strengthen their technological expertise and capacity.”

Iván Basa also shared his views on other challenges that lie ahead, including intergenerational wealth transfers and the growing role of women in managing wealth, for which the Firm has active strategies.

Market expertise and strong client relationships are no longer enough. Now, private banks also need to strengthen their technological expertise and capacity

Private banking in Spain has grown in recent years. But in such an uncertain market environment, is that growth at risk?

We don’t believe growth is at risk, but we do believe the current environment is raising the bar. The uncertainty created by the current geopolitical environment, together with the prospect of a sharp rise in inflation or a shift in monetary policy, have become structural, changing the rules of the game.

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Rather than curbing growth, this situation is giving rise to greater differentiation between models. Clients still seek advice, but they are becoming more demanding and selective. So, close collaboration and experience are key. In volatile times, clients want more than just products. They also expect criteria, support, and perspectives that improve their decisions. Having senior bankers with through-the-cycle experience is a vital differentiator.

Growth will continue, but it will be concentrated in institutions capable of delivering real value when clients need it most

At Lombard Odier, we’re meeting these demands through long-term relationships, a single point of contact, and a mix of close collaboration and global capabilities that bring clarity to complex situations, all of which will be crucial to our ongoing success. Growth will continue, but it will be concentrated in institutions capable of delivering real value when clients need it most.

Spain is a highly banked market, but a growing number of specialised and independent firms – like Lombard Odier – are making inroads in private banking. Do you see potential here, and what challenges do these firms face?

Spain is a highly banked market – but that is precisely why it offers strong potential for specialised, independent private banking models.

Clients are become increasingly sophisticated. They take a global view of their wealth and expect to receive bespoke advice that aligns with their interests. This is where Lombard Odier offers a distinctive proposition – one that combines global reach with bespoke solutions, with a strong emphasis on collaboration and long-term relationships. Our model – which focusses solely on private banking and wealth management – is also built upon our independence, which allows us to concentrate on serving our clients’ interests without conflict.

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There are three main challenges worth highlighting. First, clients tend to gravitate towards traditional banking, so independent firms must demonstrate the value of their advisory offerings. Second, the regulatory environment is becoming increasingly stringent. And third, firms need to attract talent aligned with a model based on long-term relationships.

The potential is there. But realising it requires a sound proposition and, above all, quality service.

What is your positioning in the Spanish market, your unique identity, and your service offering?

Lombard Odier is the oldest private bank in Geneva. Our philosophy has always been one of investing in the long term through an analytical, advice-driven model. Spain represents a strategic market for the Firm, which has had a strong presence in the country for nearly two decades. Our Madrid office reflects our commitment to working closely with our sophisticated private clients in ways that combine global investment capabilities with local knowledge.

Read also: Lombard Odier: two centuries of wealth management, and a strengthened growth dynamic in Spain

All of this enables us to offer comprehensive, highly personalised private banking and wealth and asset management services. Each of our clients has access to the expertise of specialised teams through a dedicated relationship manager, which enables us to build lifelong relationships. Our services include discretionary and advisory portfolio structuring and management, wealth and succession planning, and advice on long-term sustainable investment, as well as philanthropic services and support for entrepreneurs and families. All of this is underpinned by our in-depth knowledge of the Spanish tax and regulatory framework, our proprietary technology for monitoring and analysing investments, and a global perspective that enables us to adapt solutions to the changing needs of each client.

We aim to consolidate the double-digit growth we achieved in the last three years, so we can sustain it through the years ahead

How have you been growing, and what are your future goals?

The last three years have been some of the most dynamic since Lombard Odier arrived in Spain in 2007. Since then, we have added eight new colleagues to our local team, five of whom are private bankers. Obviously, we want to keep on growing. We aim to consolidate the double-digit growth we achieved in those three years, so we can sustain it through the years ahead.

Up to now, our growth has been founded on three fundamental pillars, each of which remains crucial to our plans: our long track record, our resources and global investment capabilities, and our ability to deliver consistent results for our clients.

Do you also have plans for inorganic growth?

Both in Spain and globally, our focus is on sustainable, organic growth. This is the only kind of growth we are interested in.

Is hiring new talent part of your growth plans, and are you committed to local talent?

Yes, we are committed to nurturing talent both globally and within Spain. Without a doubt, our talent is our most important differentiator, and we intend to continue actively hiring throughout 2026.

However, the recipe for success has changed. Market expertise and strong client relationships are no longer enough. We are managing increasingly international, complex wealth. Now, private banks also need to strengthen their technological expertise and capacity. This isn’t strictly a matter of hiring more technology professionals, but of improving our command of technology in general. In other words, we need professionals capable of using analytical tools and data to improve their decision-making and customer service. For that reason, instead of just incorporating talent in isolated ways, we believe in building complementary teams where bankers and experts work together seamlessly.

In addition, our culture is very much oriented towards long-term goals, continuous development, and, above all, the interests of our clients. So, local talent is crucial, because it combines market knowledge and familiarity with the ability to build lasting relationships, which is really where value in private banking is created.

Technology and AI [artificial intelligence] are, as you say, key topics. To what extent do you use AI at Lombard Odier, and do you balance it with human talent?

Technology and innovation are among the hallmarks of Lombard Odier. That is why our slogan is rethink everything®. And it is why we have a large team dedicated to our technology. We have also developed a proprietary, in-house digital banking platform, which enables to provide fully personalised banking services.

Today, we use AI it to improve our analyses and support the generation of investment ideas. That said, balance is key. So, the human factor remains fundamental to the way we conceive of and provide private banking services

So, it should come as no surprise that artificial intelligence is already a key factor in our model – but only as a complement to human talent. We are adopting AI in structured, intentional ways, developing internal capabilities that enable us to integrate AI into different processes while ensuring both scalability and security.

Today, we use AI it to improve our analyses and support the generation of investment ideas. We also use it improve our productivity around procedural tasks – such as summarising financial information or reviewing complex documentation – and optimise our in-house processes, so we can be more efficient and dedicate more time to what really counts: our clients.

That said, balance is key. Wealth management remains, above all, a business of trust, judgement, and long-term relationships. Technology can add speed and analytical capacity, but making decisions, interpreting situations, and supporting our clients through difficult times calls for experience and human judgement. So, the human factor remains fundamental to the way we conceive of and provide private banking services.

Read also: The advantages of private banking | Lombard Odier

Another key topic is the current intergenerational transfer of wealth. How are you approaching this shift, and what role do new technologies play in the services you offer the next generation?

We are witnessing one of the largest transfers of wealth in recent history. And this is significant not just because of the sums involved, but also because of the shift in mentality it represents. Younger generations do not want to be passive recipients of wealth. They want to actively manage the wealth they inherit, and they bring a more global, digital outlook that is often closely aligned with sustainability and impact criteria.

At Lombard Odier, we’re taking a two-pronged approach to this seismic transmission. First, we are working alongside families to help them plan for successful intergenerational wealth transfers from a financial and tax perspective, as well as by facilitating conversations across generations, which are critical to preserving wealth and family cohesion.

Second, we are encouraging the next generation to have direct involvement in managing their family’s wealth before they inherit it and take on full responsibility. A good example of this is our LO Generations programme, which aims to prepare, inspire, and equip future wealth holders in areas such as investment, family governance, and sustainability. Ultimately, we want them to be able to make decisions informed by long-term perspectives.

At the same time, we are aligning our technological capabilities with the next generation’s expectations – but without losing sight of the fact that, even for younger, more digitally oriented clients, the value of the advice we offer remains paramount.

Read also: How new generations are transforming wealth management | Lombard Odier

A growing proportion of women are assuming ownership and management of wealth. How are you positioning yourselves to account for this trend?

This shift – which is being driven in part by the intergenerational wealth transfers – constitutes a structural transformation in wealth management. At Lombard Odier, we see our role in facilitating this transition as a responsibility.

Historically, women have received less financial advice than men, so we need more inclusive, specially adapted models. We have seen strong growth in our female client base in recent years, which has only strengthened our commitment to offering wealth management services based on long-term relationships.

We have seen strong growth in our female client base in recent years

Moreover, this is not just a change in terms of “who”, but also of “how”. Women’s relationship to investment tends to be characterised by more active involvement, a longer-term vision, and a more holistic approach. Our role is to support them with personalised, high-quality advice, so they can make informed decisions.

This is not a temporary trend. It is a deep-seated change to which the private banking sector must adapt.

Lombard Odier has a new global headquarters, and it has also refurbished its Madrid offices. What drove these projects?

Both projects aimed to strengthen our long-term positioning and adapt our business to meet our needs and those of our clients as they stand today.

From a global perspective, 1Roof, our new headquarters in Geneva – the city in which Lombard Odier was founded over two centuries ago – is a historic landmark that reflects our commitment to the future. For the first time, 1Roof has enabled us to gather all our Geneva-based colleagues under one roof, improving communication and efficiency. At the same time, 1Roof’s design and operations reflect who we are as an institution, combining tradition, innovation, and a clear commitment to sustainability.

Meanwhile, the same ambition on a local scale drove the refurbishment of our Madrid office. Spain is a strategic market for us, and this investment reflects our long-term commitment to the country and our Spanish clients. The refurbishment has created an environment that facilitates more of the collaboration, quality service, and bespoke support that already characterised our business model.