Avaloq gains Spanish bank as client

Avaloq has added its first Spanish bank to the company’s client portfolio with Bankia. The fourth largest financial institution in Spain has selected the on-premises solution from the wealthtech company based in Freienbach to support the bank’s aspiration to further grow its wealth management business. 

Despite the restrictions in place with regard to physical interactions during the coronavirus lockdown, they have been working together closely via digital conferences, as was reported in a press release from Avaloq: “The fact that both companies were able to kick off a complex project like this during these challenging times demonstrates their resilience and stability.” While Avaloq already has some banking clients who operate in the Spanish market, such as Banco Alcalá, Banque Pictet & CIE, Banque privée Edmond de Rothschild and Julius Bär, this is the company’s first Spanish bank.

Bankia classifies more than half of its clients as “digital”, with 36 percent of total sales in 2019 through digital channels. Using Avaloq’s digital platform, the bank intends to achieve the target set in its three-year strategic plan, which involves increasing assets under management from mass affluent clients as well as new investment management and advisory products. 

“Our decision to appoint Avaloq to provide on-premises solutions is a big step forward in our digital-led growth journey and our aspiration to be the leading provider of wealth management services in Spain,” explained Ignacio Ezquiaga Dominguez, Corporate Director of Asset Management and Private Banking at Bankia.

Avaloq is delighted to help Bankia accelerate its wealth ambitions, said General Manager and Regional Head for EMEA at Avaloq, Uwe Krakau: “As a company, we believe in turning the democratization of wealth management into a practical reality by helping our clients deliver cost efficient and user-led experiences to all their customers, and we greatly look forward to leveraging our expertise to support Bankia’s growth ambitions in an increasingly competitive investment management market.”