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Vincent Truant

SPAIN - Economy

Vincent Truant

Head of Balearic Private Banking, Banco Sabadell Urquijo Private Banking

Bio

Vincent Truant began his professional career in Switzerland and joined Caja Mediterráneo, based in the Balearic Islands, in 2007. There he has held various positions, including portfolio manager. Later he began working as personal banking director position until he joined Sabadell Urquijo Private Banking in 2013, where he undertook positions of greater responsibility, until finally becoming the director for the Balearic Islands.

A leading entity in the private banking segment of Spain and the Balearic Islands, Sabadell Urquijo Private Banking is committed to advising its clients in line with its global expertise.

How does Banco Sabadell differentiate itself from other players in Mallorca’s private banking ecosystem?

Sabadell Urquijo Private Banking, with assets under management of over EUR30 billion, is one of the leading entities in the private banking segment of Spain and the Balearic Islands. From the Balearic Private Banking Service Center, located in Palma, we provide our services to clients across the archipelago with assets under management of over EUR500,000. We also have a private banking director located in Ibiza and two managers who cover Menorca, Ibiza, and Formentera. Sabadell Urquijo Private Banking stands out for its clear commitment to the global client advisory model with a strong focus on sustainability. Our value proposition is focused on the client’s perspective, enabling us to offer products that match their risk profiles, time horizons, and performance expectations, without neglecting the tax component. Our team is recognized as being made up of highly trained consultants, certified by the European Financial Planning Association (EFPA). In the service center, we are able to serve clients in six languages, which is a determining factor in a territory such as the Balearic Islands. Globally, rising attention is being paid to so-called ESG investments.

How does Banco Sabadell see this trend evolving in the Balearic Islands?

For us, it is a fundamental trend that is here to stay. COVID-19 has acted as a catalyst to make us more aware of the impact of human activity on our environment, and how important it is to preserve it. We have entered a virtuous circle where all market players—companies, shareholders, clients, and investors—are keen to play an active role in improving society. At Banco Sabadell, we have been investing in ESG investment vehicles for many years. Furthermore, as a result of the agreement signed a year ago with Amundi, we have given our clients access to opportunities in ESG thematic and social impact funds. We see it as a great opportunity to invest in companies with good social and ethical criteria, which should benefit from their lower exposure to regulatory risks, an improved brand image, and employee satisfaction. In the Balearic Islands, ESG investments has become an increasing point of note for our clients. In addition, the preservation of the environment and natural resources is essential to maintaining the quality of life and the islands’ current economic model.

With your knowledge of the investment landscape on Mallorca, what changes have you noticed during the emergence from COVID-19?

In general, the Mallorcan economy continues to rely on its two traditional drivers of tourism and real estate. That said, we note a paradigm shift to a greater interest in providing a quality product both in tourism and real estate. Yet, meanwhile, prevailing negative interest rates have favored the flow of capital into investment in property. We see a lot of activity in the purchase and sale of hotels, while in the construction sector we see a clear commitment to high-end, single-family housing. At the same time, we are seeing new investments in co-habitation, renewable energy, local products, and the maritime sector.

The islands will have the opportunity to promote the reconversion of their economy thanks to European funds. How will Banco Sabadell support this process?

The European Recovery Funds, NextGeneration EU, has as its main objective the digital and ecological transformation of companies and the self-employed, which will involve adapting the economies of countries and improving their competitiveness and employment prospects. At Banco Sabadell, we want to be by our clients’ side to advise them throughout the process and thereby comply with the guidelines for access to the European Recovery Plan. In our lines of action, the following stand out: Free service for assistance with personalized identification (machine learning). Assistance processing service through the PwC’s European Funds Office. Creation of the new position of director of European Funds in each Territorial Directorate. Training for 3,500 specialized commercial managers at the bank.

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