Banks face competition in battle for relationships with affluent Hispanics.

• Position: Brief article

U.S. FINANCIAL INSTITUTIONS face competition from foreign institutions in the battle for affluent Hispanic relationships, defined as those having household income of $75,000 or more, according to a new study.

One in six (16 percent) affluent Hispanic respondents report having financial accounts and services with financial institutions outside the United States, according to the 2010 study from Synergistics, Atlanta, entitled, "Understanding the Financial Services Needs of the Affluent Hispanic Market."

Hispanics having a relationship with a foreign financial institution tends to be much more prevalent at the upper end of the affluent market, with more than half (54 percent) of...