The Brazilian-Swiss private bank is driving its European expansion with a new branch in Spain.

Banque J. Safra Sarasin has opened a new branch in Madrid, Spain as part of its development in core European markets, it said in a statement Monday.

The office, which has been operational since January 1, serves high-net-worth individuals domiciled in Spain as well as institutional clients.

Francisco Gomez-Trenor who heads the office will report to Jules Moor, CEO of Banque J. Safra Sarasin (Luxembourg).