The Spanish branch of Lombard Odier is getting a new head. His predecessor will remain with the private bank as an advisor.

Iván Basa becomes the managing director of Lombard Odier's Spanish branch starting October 1. Currently, a senior vice president in the Madrid office, Basa succeeds José Couret, who will remain with the group as a senior banker and advisor. The appointment further underscores Lombard Odier's strong commitment to continuity and growth in the Spanish market, the private bank announced Monday.

Basa joined Lombard Odier in 2018 as a senior banker and has 17 years of experience serving wealthy clients at major banks such as Credit Suisse and UK-based Barclays. Basa's first line of reporting is to Stephen Kamp, head of Southern Europe and Latin America for private clients, and second to Stephane Herrmann, the new CEO of Lombard Odier Europe, according to the statement.

The Madrid team will retain its structure. Two veterans with proven experience in the industry have recently been appointed, Silvia García-Castaño as investment director and Enrique Sanz as head of tax and wealth advisory services.