CaixaBank has unveiled a global advisory service for its ultra-high net worth (UHNW) customers.
As a fully-owned subsidiary of CaixaBank Group, OpenWealth will provide multi-family office services to customers with assets over €50m (£43m, $54m).
OpenWealth will select providers and conduct analysis and due diligence on all the options available in the global wealth market.
A team of roughly 10 professionals will be given access to all the CaixaBank Group’s resources.
It will complement CaixaBank Wealth – the private banking unit launched in 2018.
Víctor Allende, director of CaixaBank Private Banking, said the service “will make CaixaBank the first bank in the domestic market to offer a multi-family office service, thus achieving a competitive edge in the segment of large customers, as we will be able to assist them with all their assets, which may be distributed among various private banks”.
