Basel-based Bank Sarasin has set up a subsidiary with its Spanish partner Alen Gestión Patrimonial. The new entity has been licensed by the Spanish regulator, the Comisión Nacional de Mercado de Valores, and registered as Sarasin Alen Agencia de Valores. It is headquartered in La Coruña in north-west Spain with Alfredo Fernandez Durán as chief executive.

The aim of the new enterprise is to allow Bank Sarasin to provide its investment advice and investment products to private and institutional clients in Spain and Portugal.

Joachim Straehle, chief executive of Bank Sarasin, said: “The new licence and the creation of this new partnership to service Spanish and Portuguese clients in their home market are very important steps for us. They enable us to deliver our investment solutions and services whilst we grow our market share and presence in this attractive private banking region of Europe.”