Self Bank transforms its brand and becomes Singular Bank with an eye on the IPO
Self Bank transforms its brand and has become Singular Bank The CEO of the entity, Javier Marín, has presented this brand change this Tuesday in Madrid, a change that has ensured that it falls within a relaunch to get closer to customers.
Marín has shown himself in favor of being able to take his bank to the Stock Exchange because he considers that he occupies a target that is not represented in the Spanish market. "We have a type of business for which you don't need to accumulate much capital for your growth," said Marin, who has recognized that a concept like Singular Bank could have its stock market. However, he did not want to set dates.
For what Marín has set the date is for the even break even ’, or the moment when Singular Bank, which currently loses money, will start to win and revert to its shareholders. This date will be 2022.
Singular Bank has as majority shareholder the US investment fund Warburg Pincus, and then the management team itself. Marín said that there will also be "consolidation opportunities in the sector, especially among small actors, and we will be attentive to those that arise."
With a greater focus on private banking, Marín has assured that his company will continue to grow “with a value proposition different from the others and a quality service. Behind the quality will come the quantity, ”he said
"We have signed 41 bankers in five months and we have offices open in Madrid, Seville and Zaragoza," said Marin, who is clear that Singular Bank "will continue to grow, with a vocation for growth at the national level, primarily urban, and for so much we will continue signing bankers for those clients who demand the combination of digitalization with the physical part to be able to cover their needs ».
Self Bank has approximately 500 million in deposits and about 1,000 million in funds.
Marín was CEO of Santander Bank at the time of Emilio Botín between 2013 and 2014. And he was also one of the drivers of the fund for high assets of Banco Santander Banif, has ensured that the similarities of Singular Bank with Banif are "the focus on the customer, and all other differences." As indicated, today the technology is very different than 15 years ago, because "the customer has changed not only in the way he does banking but also in his relationship with the outside world."
Regarding a possible exit abroad, Javier Marín has said that there is currently no plan for it because the focus is on growing as a private bank in Spain. However, it has not ruled out that in the future it can be done, as evidenced by the brand itself that has been chosen, which is "easy to pronounce in several languages".
With respect to the Self Bank brand, it will remain but «as a more digital or remote relationship platform where the web, apps, remote bankers will be available through the contact center, and on the other hand we will keep the Singular world where customers have a remote bank and a fully digital tool ».