BBVA strengthens its private banking sector and seeks greater market share in Colombia's affluent sector with a comprehensive strategy that includes direct investment in the U.S.

Private banking is not a new business in Colombia. It's just that large financial institutions, especially those with a greater presence in international markets, are once again focusing their efforts on attracting clients with large net worths—more than $500,000, or about 2 billion pesos—who want to diversify their investments with assets abroad, but also through comprehensive, specialized, and global support supported by new financial technologies.

Experts point out that the affluent segment in Colombia, that of high purchasing power, is experiencing considerable growth, so banks and wealth managers are seeking to capture this segment with strategies that combine banking and wealth management services, taking advantage of these clients' preference for digital tools and personalized experiences. This represents a market with high potential for long-term profits for institutions that are able to meet their needs.

This is where BBVA's management is focusing its private banking operations, strengthening them not only locally but also abroad. In addition to the offices they have in Miami and Houston, they will soon add one in San Diego and another in Panama, where they already have the approval of the authorities.

"The new offering in the United States is a result of the potential of the U.S. market and its ties to Latin America, particularly Colombia," explains Humberto García de Alba, Executive Director of Global Wealth at BBVA, who said that the wealth management business has always been part of its global strategy.

"What we're bringing to the United States today is the opportunity for investors to diversify their portfolios," he said.

Figures from the bank indicate that, through its private banking business, it manages third-party assets totaling more than €215 billion—approximately $252 billion—in nine countries and belonging to approximately 1.3 million clients.

With this expansion, BBVA strengthens its international private banking strategy, part of its global asset and wealth management unit, which integrates capabilities in key markets such as Spain, Switzerland, and now the United States, where clients will be able to invest directly.

“Private banking is one of the organization's strengths, which is why our global wealth unit's primary objective is to provide a unique and consistent experience to clients with interests across different geographies, becoming their best financial ally through a relationship and advisory model that is transparent, comprehensive, and consistent across all our wealth processes and solutions,” explained Jaime Nicolás Lázaro, Global Head of Asset and Wealth Management at the Spanish bank.

Among the investment opportunities available to high-income individuals upon joining a plkan advisory firm at this level are the purchase and sale of bonds, CDTs, TES, stocks, and ETFs, both locally and internationally.

Likewise, they can arrange financing for real estate or vehicle purchases, even 100% financing for hybrid and electric vehicles, and obtain financial risk coverage.

For this segment, the company is preparing to launch a new premium credit card: Mastercard Black and Infinite Visa, with VIP benefits for travelers.

In addition to financial services, the institution's portfolio includes executive training for family wealth management for the new generations; unique experiences in art, sports, and culture (guided tours, international sporting events, concerts); as well as comprehensive medical guidance, expert second opinions, 24/7 care, nutrition, and preventive healthcare.