THE NUMBER OF high-net-worth individuals on the Iberian peninsula is increasing fast, so financial institutions are trying to establish themselves as the top choice for private-banking services. The domestic commercial banks and savings banks are developing private banking units, consultants are establishing new boutiques, foreign banks are re-focusing on private banking, and the specialist private banks are hiring. “Just about everyone is trying to get a piece of the market. I wouldn’t be surprised if restaurants were next to open up their own private-banking units,” says a Spanish banker.
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