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Spanish banking scion goes global

Source: Reuters - Thu 7th Oct 2010

The scion of a prominent Spanish banking family has taken on the task of internationalizing the private banking arm of JP Morgan to reduce the U.S. bank's reliance on its home market.

Pablo Garnica, JP Morgan's private banking chief for Europe, the Middle East and Africa is the fourth generation of his family to work in banking, he told the Reuters Global Private Banking Summit.

He is also the first generation to spend much of his career outside his native Spain.

"My father, my grandfather and my great grandfather were bankers" he said.

Spain's banking sector was traditionally dominated by dynasties, the most famous being the Botin family associated with the Santander group.

During his time overseas, Garnica worked in private banking for Spanish bank Banesto, now majority owned by Santander, serving as head of the Miami office and as a senior vice president for the Latin American business.

Born in 1964, Garnica studied Economics and Business at Madrid business school CUNEF.

He joined JP Morgan in 1996 and before starting his current position in January 2008, served as head of its private banking operation in Spain and Portugal.

He sees his break from a Spain-focused family tradition as symptomatic of a global trend for greater international mobility that he hopes to harness in expanding the non-US client base at the bank.

"People are more flexible about moving now" he said.

The bank is increasing banker headcount by 15 percent per year in his region and may consider acquisitions, he said.

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