Avaloq to boost wealth management offering for Spain-based Bankia

By Megha Bhattacharya

Spanish financial institution Bankia, today, selected Avaloq’s on-premise solution in a bid to support its growth in the wealth management business. Avaloq has stated that it will help Bankia capitalise on its market proposition and support in the expansion of its wealth services across all client segments, including traditional private and retail banking clients. The Bank becomes the fifth Spanish banking client of Avaloq after Banco Alcalá, Banque Pictet & Cie, Banque privée Edmond de Rothschild, and Julius Bär.

Ignacio Ezquiaga Dominguez, Corporate Director of Asset Management and Private Banking at Bankia, said, “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. The nature of financial services is changing, and changing fast, and it is apparent that only the most digitally robust institutions will be able to compete and grow in this new environment.”

Bankia aims to amp up the investment in its wealth management capabilities along with the implementation of Avaloq’s on-premise solution. Its three-year strategic plan involves increasing assets under management from mass affluent clients, complemented with new investment management and advisory products.

Uwe Krakau, General Manager and Regional Head for EMEA at Avaloq, said, “We are absolutely delighted that Bankia, one of Spain’s leading financial institutions, has chosen Avaloq’s powerful solution to accelerate its wealth ambitions for all client segments. 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.”