Interview with José Luis Acea Rodríguez, CEO of Banca March
José Luis Acea Rodríguez
CEO
Banca March
In the March 2025 edition of SFF Magazine, we have the pleasure of interviewing José Luis Acea Rodríguez, CEO of Banca March since 2016. José Luis Acea, who has had a solid career in the banking sector, joined Banca March in 2010 as General Manager, Commercial and Private Banking, and subsequently took up the position of General Manager, Corporate Banking in 2014.
An IESE Business Studies and General Management Program graduate, he started his professional career in 1990 at the Banco Popular Group, where he held various positions until his arrival at Banca March. In this interview, we explore his vision of the current financial landscape, as well as the keys to Banca March’s strategy under his leadership.
Could you briefly explain what Banca March is and what is its value proposition in the financial sector?
Banca March is one of the leading Spanish banks specialising in private and corporate banking. It is also the only wholly family-owned bank since its establishment in 1926. In line with its philosophy of prudent, long-term management, Banca March’s business model is underpinned by strong financial and capital ratios. Banca March is also one of the main shareholders of Corporación Financiera Alba, one of Spain’s largest institutional investors, with significant stakes in Spanish companies such as Naturgy (indirect), Acerinox, Ebro Foods, Viscofan, and in other international companies such as Verisure, Atlantic, ERM and Technoprobe, among others.
In such a competitive sector, what are the differential elements that position Banca March as a benchmark institution?
Banca March is the head of one of the main Spanish financial groups and the only one that is 100% family-owned (currently, the fourth generation of the family is actively involved in the Bank’s management). We will celebrate our first centenary in 2026, and this longevity is not due to chance, but rather to prudent management, based on a long-term philosophy, outside the ups and downs and short-term pressures of the markets. We don’t just compete; we are a benchmark institution with a unique business model that can’t be replicated. We’re an entity specialised in wealth management and in advising companies, with a special focus on family businesses and on the business-entrepreneur binomial. A lot is said about sustainability nowadays, but for us sustainable growth is inseparable from Banca March’s business model, which since its establishment in 1926 has been inspired by the idea of the joint growth of customers, employees, shareholders and society in general. “Growing Together” is our company motto. This family character, the philosophy of growing together and specialisation inspire the four pillars of our business model: shareholder commitment, specialised advice, superior quality of service and excellent professionals.
“This family character, the philosophy of growing together and specialisation inspire the four pillars of our business model: shareholder commitment, specialised advice, superior quality of service and excellent professionals.”
Could you share some figures to back up the strength of this specialised family business model?
All of the above is not mere philosophy, but is embodied in something as material and irrefutable as our fundamentals, which place us among the strongest institutions in the financial sector in Europe. Our CET 1 capital adequacy ratio at 31 December was 22.21%, the highest in the Spanish banking sector (the average of the 10 largest banks in the sector was 12.74%). Moody’s rating agency has placed Banca March’s rating for its long-term deposits at A2 with a “positive” outlook, making it one of the best-rated banks in the Spanish financial system, above the Kingdom of Spain, which is at Baa1. Banca March also has one of the lowest default rates in the Spanish financial system without having resorted to the massive sale of NPL portfolios at a discount: 1.4%, compared with an average of 3.54% for the sector (according to the latest data from the Bank of Spain). The liquidity ratios – LCR (310%) and DTL (185%) – and doubtful risks coverage (66%) are among the highest in the sector.
In this context, is it possible to be profitable while maintaining such high levels of solvency?
Maintaining this high solvency ratio does not prevent us from having a profitable business: our ROE was 13.27% as at December 2024, driven by growth in specialised banking activity. This is supported by the data. Up to December 2024, the number of clients with assets of more than 500,000 euros, who are our target in the wealth advisory business, grew by 18% compared to 2023. The volume of business in the Private Banking and Wealth Management areas, which pool these customers, rose 13% year-on-year to 31,000 million euros as at December 2024, while assets under management increased 14%. He also highlighted the 18% growth in the number of customers in the Personal Banking business, which is consolidating its position as a lever for accelerating the bank’s digitalisation: 61% of new Personal Banking customers are captured by the Banca March Avantio investment platform.
Client relations is a key aspect in private banking. How does Banca March manage this relationship and what is its service strategy?
Our loan portfolio’s quality is optimal, as reflected in our default rate, which, as I previously mentioned, is one of the lowest in the Spanish financial system.
Every quarter, we are the institution with the lowest default rate in the sector, or the second lowest.
Nor is this the result of chance, but of something that is also intrinsic to our business model: a deep knowledge of our customers, to whom we offer the products and services best suited to their risk profile.
Maintaining levels of excellence in service quality is one of the fundamental pillars of Banca March’s business model and customer feedback is thoroughly audited. That is why we undergo third party audits. According to the Benchmarking of customer satisfaction in the financial sector prepared by the independent consultancy Stiga CX for the 2024 financial year, Banca March is the bank that its customers trust the most, with a score of 8.59 out of 10, more than one point above the sector average of 7.26.
“Maintaining levels of excellence in service quality is one of the fundamental pillars of Banca March’s business model and customer feedback is thoroughly audited. That is why we undergo third party audits. According to the Benchmarking of customer satisfaction in the financial sector prepared by the independent consultancy Stiga CX for the 2024 financial year, Banca March is the bank that its customers trust the most, with a score of 8.59 out of 10, more than one point above the sector average of 7.26.”
Digitalisation is a key challenge in the financial sector. How is Banca March tackling aspects such as process automation, artificial intelligence and cybersecurity?
Banca March’s commitment to digital transformation aligns with a strategic vision in which technology will be increasingly important in the financial sector. This is reflected in an annual volume of spending and investment in technology and digitisation that is much higher than the sector average: in 2024 it reached 59 million euros (16% more than in 2023), which represents 10.23% of the bank’s gross margin, above the sector average (8.1%, according to an Accenture report). In the period 2020-2024, total expenditure and investment amounted to 246 million euros.
The main objectives of this investment effort are, on the one hand, to improve the customer experience with more products and interaction in a more agile and secure environment, and, on the other hand, to increase the efficiency of the work of the bank’s professionals, so that they can concentrate their time on tasks of greater added value.
As a result of this commitment, the bank’s digital transformation continues to accelerate and eight out of every ten customers in Banca March’s specialised areas (Private Banking, Corporate Banking, Wealth Management and Large Corporates) use digital channels on a frequent basis. In addition, March Broker’s revenues increased by 19% in 2024. Banca March is consolidating its leadership in advisory technology with a complete omnichannel service, with Avantio as the main lever to provide a quality service to a customer with a digital profile and familiar with technological advances, to whom Banca March offers a range of services and products recognised for their quality.
The bank has been recognised on several occasions as one of the best companies to work for. What is the key to talent management at Banca March?
Banca March has established itself as the best school for training private banking and business advisory managers and has consolidated its position as one of the best places to work in Spain, with a talent management model based on specialisation and training, with an investment per employee that is almost three times the average for the sector. Almost 15% of Banca March’s workforce comes from its Talent Programme, which was launched in 2013. The entity hires its future managers from university in order to develop a unique customer-focused model, with a long-term career plan in line with its business philosophy. Through the Talent Programme, the bank seeks to develop its professionals within the culture, specialisation and association with Banca March values.
“Banca March was a pioneer in having a presence in Luxembourg with the opening of a branch in 2012. From there we have strengthened our advisory services, and we offer our clients the most complete private banking range of services, from savers to the most sophisticated investors.”
As with the quality of customer service, the Banca March HR model is audited by the main international consultancies specialising in the assessment of human resources management. In 2024, Banca March was recognised as the second best company to work for in Spain and, for the fourth year running, as the only bank among the best companies with more than 1,000 employees, according to the Best Workplaces ranking prepared by the independent consultancy Great Place to Work®. To issue its certifications, the firm uses questionnaires to its own professionals and an audit that assesses people management practices and policies. According to this study, 9 out of 10 employees say they are proud of working at Banca March, and of the bank’s achievements. The same percentage of employees consider that customers would rate the service they receive from the bank as “excellent”. Banca March also obtained the Top Employer certification this year, for the seventh consecutive year, and Great Place To Work, for the sixth year running.
Finally, how does Banca March apply its strategy in Luxembourg and what is the importance of this financial centre for the bank?
Banca March was a pioneer in having a presence in Luxembourg with the opening of a branch in 2012. From there we have strengthened our advisory services, and we offer our clients the most complete private banking range of services, from savers to the most sophisticated investors.
We want to continue to grow along these lines. We’ve always said that we’re convinced that our business model is optimal for reaching clients both within and outside Spain. Luxembourg is the ideal financial centre to continue developing our value proposition and a platform to make it known to other markets outside our own.