Agent Network

The Network of Bankinter Agents is a business model whereby the company is associated with highly qualified financial professionals, mainly from other banks, where they act as private bankers. Bankinter shares the profits generated by joint activity with these professionals, without incurring the costs of a traditional branch. In this way, the agents contribute their knowledge and their customers, whereas the bank provides its financial product portfolio, structural support and training.

The Network of Bankinter Agents, which has clearly become one of the most powerful in Spain, added 60 new agents in 2016, up to a total of 482. The total balance of customer funds managed (including funds, fixed income and equities) amounts to 8,978 million euros, with growth of 17.6% on 2015. The fund items that most developed were equities and investment funds, with increases of about 26% and 17.4%, respectively. In distribution by segments, there is an increasing focus on the balance of Private Banking, which accounts for 67% of the total of the Network.

With these results Bankinter considers the transformation of the Agent Network to be complete and the strategy has been refocused over the past few years on high net worth individuals. To strengthen this purpose, the Network works in close contact with the bank's Private Banking area, and the professionals in the network receive constant support so as to provide maximum quality service that will supply value to their customers.

The challenge of MIFID II

The objectives for 2017 include the challenge of adapting the processes and training of the agent network to MIFID II, the new European Directive, among other features, introduces stricter standards so that investors can be certain that the products in which they invest match their profile and that their assets are well protected.

In addition, the area aims to improve and automate the different control mechanisms of the Network, while also maintaining the pace of acquisition of new agents, driving growth of current agents and increasing this Division's contribution to the bank's profit.