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Syz strengthens its private banking business in Spain


After acquiring a stake in the asset management company N+1 Syz Gestión last summer, the Swiss banking group Syz is strengthening its presence in Spain through a second entity, N+1 Syz Agencia de Valores, dedicated to private banking.

The new company, which has received the approval of the Spanish market supervisory authority CNMV, combines the international asset management and private banking experience developed by Syzwith its local partners’ network and knowledge of the Spanish market.

Managed by Alfonso Gil, the new company’s team has about 20 employees, with an average of over 15 years’ experience in private banking with domestic and international entities.

Initially, N+1 Syz will be active in Madrid and Bilbao, but other locations are planned. It is 50 per cent owned by Syz, with the remainder divided between N+1 and executives of the new company.

“We know the Spanish market well because our products have been marketed there for over ten years and we believe that Spain offers real growth prospects, particularly in the area of private banking," says Alfredo Piacentini, managing partner of Banque Syz. "Our management expertise, N+1’s extensive network of contacts and the reputation of the team that has joined us form a winning combination."

"The current difficulties facing the domestic market are prompting investors to turn increasingly to international investments and N+1 SYZ will successfully measure up to this expectation," says Santiago Eguidazu, chairman of N+1.

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