Dear Clients, We begin 2018 focussing our strategy on a priority target: Offering you the best experience as Private Banking clients of BBVA in Switzerland. During 2017, our digital platform underwent an important transformation to enable us to offer you higher-end services. It is particularly important we highlight our new app for mobile devices, our completely renewed online banking service with new contents and the digital signature. All of these are new services which will enable you to be better informed when it comes to managing your wealth, facilitate trading and, in short, enable us to be closer to you as a Bank, making digital technology available to you and hence putting it in your hands. Taking stock of the year we have just closed, we are happy to report that the financial markets have performed favourably for most investors, which has enabled them to obtain yields with low volatility in most assets. For 2018, the macroeconomic growth outlooks are positive in most economies; we should not, however, lose sight of the fact that the world economy is approaching the end of an economic cycle, characterised by its long duration and the boost it has received from the central banks of the USA, Europe and Japan since 2008. In such a complex environment as this, we are committed to offering you the best service in Investments from BBVA in Switzerland which will allow you to correctly allocate your assets in keeping with your investment profile. At BBVA in Switzerland, we have strengthened our Advisory service with new additions to our team and we are developing new digital projects that will facilitate our interaction with you as clients further still, catalysing our value enhancement. We wish to thank you once again for the trust you have placed in BBVA and take advantage of this letter to reiterate our commitment to you based on our sound service vocation and guided by a culture  of excellence in everything we do. On behalf of all the team comprising BBVA in Switzerland, I wish you a great year 2018. Yours faithfully, Alfonso Gómez