Bernd Spalt’s rift with his board shows Austria’s biggest bank is still finding its way in the post-Treichl era, even as it outperforms peers.

As their involvement in fintech matures, large banks are focusing on building standalone digital businesses rather than just taking stakes in third-party startups through venture capital funds and accelerators. Can these new in-house ventures disprove the thesis that incumbent banks can’t create disruptive business models?

Rising interest margins help Spain’s biggest domestic bank more than most, but intense competition in mortgages means that fee-earning products are still vital.