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Main Consumer Goods & Retail Retailing Market Guide: Retail Investment Market in Spain 2006
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Market Guide: Retail Investment Market in Spain 2006

DateFeb, 2007
Pages44
Price / format€1814 / Electronic

€1 814 

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Abstract:
 This report is most appropriate for companies looking for an overview of the retail investments markets in order to assess the level of market opportunity (using our market data and forecasts), regulatory barriers and opportunities, and level of competition in the market. For more detailed market data please refer to our Retail Savings and Investments Interactive Database 2006.

Scope of this title:
Sizes retail deposits, mutual funds, equities and bonds; Presents competitor market data for retail banks and mutual fund companies; Assesses regulatory barriers and opportunities; 5 years historic data from 2001-5 and 5 year forecast to 2010

Highlights of this title:
During 2005, as competition intensified in the Spanish financial services sector, many providers expanded their network of offices / branches. Bank branches added 378 to their number, as compared to an increase of 915 offices of savings banks. Savings banks have been expanding both within and beyond their geographical markets. In 2005, the increase in assets under management by mutual funds and investment companies was due to new subscriptions in more conservative funds and appreciation in the value of equities. Spanish risk aversion accounted for higher allocations to lower risk funds, despite the favorable performance of the stock market over the last 3 years. The majority of investment companies are foreign organizations; however Spanish firms have been expanding their market share by using representatives. Portfolio management companies have been decreasing in number, due to intensified competition from brokers, broker dealers and credit institutions.

Reasons to order your copy:
- Get an overview of the retail investment market, including past growth and forecast growth
- Assess regulatory barriers and opportunities affecting retail investments in this country
- Analyze competition from retail banks and mutual fund companies.









Table of contents:
 Executive Summary - MARKET HIGHLIGHTS 4
Market overview 4
Market forecasts 4
Market regulation 4
Competitive market structure 5
Market leaders 5
Introduction 11
What is this report about? 11
Who is the target reader? 11
How to use this report 11

Chapter 1.

Market overview 12
Introduction 12
The retail market accounts for more than three-quarters of investments in mutual funds in Spain, and more than 50% of deposits 13
Close to 60% of all retail investments is held in deposits 14
Since 2003, the composition of household savings portfolios has been stable, with nominal increases in the proportion of mutual funds 15

Chapter 2.

Market forecasts 17
Introduction 17
Key findings 17
Deposits and mutual funds will continue to account for more than 80% of household wealth 17

Chapter 3.

Market regulation 19
Introduction 19
Key findings 19
The Central Bank and the Comisiуn Nacional del Mercado de Valores regulate the Spanish financial services industry 20
The Banco de Espaсa has enhanced the anti-money laundering requirements applicable to banks 21
Spanish credit institutions, including banks, adopt new accounting standards 21
Spanish savings banks adjust to closer regulation by the Banco de Espaсa and CNMV 22
For banks and investment companies, Basel II capital adequacy requirements imply additional investment in risk management expertise and in IT systems to calculate risk 22
Banks, asset management companies and investment companies that belong to financial conglomerates face additional supervisory requirements 23
Legislation aims at improving the flexibility and efficiency of the collective investments sector, while enhancing investor protection 24
New rules govern the portfolios of investment companies 24
Upcoming EU legislation (UCITS directive and MiFID) facilitates market development and enhances consumer protection 24

Chapter 4.

Competitive market structure 26
Introduction 26
Key findings 26
Credit-co-operatives represent close to one-third of all banks in Spain 27
The top two banks dominate Spains banking industry 28
The leading savings bank rivals Spains biggest banks 29
The market leaders control more than 40% of the banking industry 31
Spanish banks are increasing their branch presence 32
The leading banks also dominate the collective investments industry 33
SICAVs represent the largest category of available collective investments in Spain 35
Competitors in securities trading include investment companies and other authorized institutions 36

Chapter 5.

Market leaders 37
Introduction 37
Key findings 37
BBVA is the market leader, based on customer deposits to commercial banks
it has the second largest asset management company 37
Banco Santander trails the market leader in banking but ranks first among asset managers 38
La Caixa ranks third among banks and asset managers 39
Caja Madrid is the fourth highest ranked bank by total deposits
Gesmadrid is the fifth largest asset manager 39
Banesto rounds out the top 5 banks, while Ahorro Corporaciуn is the fourth largest asset manager in Spain 40
APPENDIX 41
Definitions 41
Asset manager / Asset management company 41
Bank 41
Collective Investment Scheme 41
Friendly society 41
Fund of funds 41
Hedge fund 41
Investment company 41
Non-retail market 42
Retail market 42
UCITS 42
Further reading 42
Savings and Investments SPP 42
Interactive Databases 42
Reports 42
Related Global Wealth Service SPP Reports 43
Interactive Databases 43
Market Reports 43
Strategic Insight Reports 43
Wealth Management Competitor Tracker 43
SPP writing team

List of Tables
Table 1: Total Savings & Investments segmented by retail v institutional, EURm, as at Dec 2005 13
Table 2: Total Savings & Investments segmented by retail v institutional, in percentages, as at Dec 2005 14
Table 3: Retail Savings & Investments, segmented by asset class, EURm, as at Dec 2005 15
Table 4: Retail Savings & Investments, segmented by asset class, EURm, 2001 - 2005 16
Table 5: Retail Savings & Investments, segmented by asset class, in percentages, 2001 - 2005 16
Table 6: Retail Savings & Investments, segmented by asset class, EURm, 2006 - 2010 18
Table 7: Retail Savings & Investments, segmented by asset class, in percentages, 2006 - 2010 18
Table 8: Number of banks segmented by type, as at Dec 2005 27
Table 9: Top 5 banks by Customer Deposits, as at Dec 2005 29
Table 10: Top 5 savings banks by customer deposits, as at Dec 2005 30
Table 11: Top 5 banks and savings banks, by customer deposits, as at Dec 2005 32
Table 12: Top 5 asset management companies by assets under management (AuM), as at Dec 2005 34
Table 13: Number of collective investment schemes segmented by type, as at Dec 2005

List of Figures
Figure 1: Deposits and equities form the bulk of savings & investments in Spain in 2005 13
Figure 2: Deposits represent 57% of household savings, while mutual funds account for just over one-quarter 14
Figure 3: Deposits consistently account for the single highest proportion of household assets, followed by mutual funds 15
Figure 4: Over the next 5 years, deposits will continue to dominate retail savings & investments, reaching EUR681bn by 2010 17
Figure 5: Credit co-operatives dominate the Spanish banking sector 27
Figure 6: BBVA and Banco Santander control 29% and 24% of the bank sector, respectively, measured by customer deposits 28
Figure 7: La Caixa controls one-fifth of the savings bank sector 29
Figure 8: The banking sector is dominated by the leading banks and savings banks, in terms of customer deposits 31
Figure 9: Santander manages one-quarter of all mutual fund assets 33
Figure 10: Over 90% of available collective investments are SICAVs or equity funds 35




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