GENEVA (Reuters) - Spain's BBVA (BBVA.MC: Quote, Profile, Research, Stock Buzz) sees margins at its private banking business stabilizing after a 10 percent drop in the year to June, the division's chief investment officer said on Tuesday.
"Margins have fallen as share prices declined and clients shifted funds to cash," said Enrique Marazuela at the Reuters Wealth Managment Summit.
"I would say it has been about 10 percent from June 2007 to June 2008," said Marazuela, adding that he did not expect it to fall any further.
He said wealth-management revenues will fall this year and perhaps next.
Spain's second-largest bank's main franchise is retail banking in Spain and Latin America, particularly in Mexico and Brazil.
Private banking assets under management at the bank stood at 10.5 billion euros ($14.4 billion) at end-June.
Marazuela said the bank was open to buying rivals in retail banking in Latin America although nothing was planned.
(For summit blog: summitnotebook.reuters.com/)
(For more on the Reuters Wealth Management Summit, see [ID:nWEALTH]
(Reporting by Judy MacInnes; Editing by Jon Loades-Carter)
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