BNP Paribas announces that it is combining BNP Paribas' existing private banking activities with those of Fortis Private Investment Management and Insinger de Beaufort UK under the BNP Paribas Wealth Management brand. The combined business will offer a broad range of investment and wealth management services in addition to financing and structuring solutions for both onshore and international clients.
The new business manages over £5.5 bn in assets and employs 130 people and will be led by Ligia Torres. Ligia was previously Head of Fixed Income Corporate and SAS Origination and Sales, EMEA at BNP Paribas, responsible for developing strategic business with corporate, sovereign, agency and supranational clients. Prior to joining BNP Paribas in 1997, Ligia also spent ten years at “Union Europeene du CIC” (Group CIC) in Paris.
In addition to offering cross asset class investment solutions and tax, legal and fiduciary services BNP Paribas Wealth Management UK's clients will benefit from dedicated teams focussing on tailor made investment products, philanthropy, art and estates. BNP Paribas Wealth Management will also offer a range of financing solutions.
”Following the integration of our complementary businesses we now have a critical mass in the UK wealth management market. This together with our extensive and unique product offering and the backing of one of the world safest, strongest and largest banking groups puts us in an extremely strong position to grow our business over the coming years”, said Ligia Torres.
About BNP Paribas Wealth Management
BNP Paribas Wealth Management (www.wealthmanagement.bnpparibas.com) is the eurozone's leading private bank, and ranked 7th largest private bank globally. Present in nearly 30 countries, it has 247 billion euros of assets under management at the end of March 2010. It employs more than 5,300 professionals based in every major financial centre helping its clients to optimise and manage their assets.
Since the end of 2008, BNP Paribas Wealth Management is structured as follows:
- BNP Paribas Wealth Management Networks supports the development of private banking activities in countries where the BNP Paribas Group has a domestic customer base. Supported by Retail Banking, the business line is present in three of the group's major domestic markets: France, Italy and Belgium. BNP Paribas recently launched Wealth Management activities in Germany in June 2009 and BMCI-BNP Paribas Banque Privée in Morocco in January 2010.
- BNP Paribas Wealth Management International has a strong presence in the world's major private banking centers including: Switzerland, Luxemburg, Monaco, Belgium, Netherlands, UK, Spain, Portugal, Greece, Hungary, the Gulf, India, Greater China, South-East Asia and Latin America. This business is being developed through close cooperation with the Group's Corporate and Investment Banking unit, and through internal growth, acquisitions and strategic partnerships.
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is one of the six strongest banks in the world according to Standard & Poor's* and the largest bank in the eurozone by deposits. With a presence in more than 80 countries and more than 200,000 employees, including 160,000 in Europe, BNP Paribas is a leading European provider of financial services on a worldwide scale. It ranks highly in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment Banking. In Retail Banking, the Group has four domestic markets: Belgium, France, Italy and Luxembourg. BNP Paribas is rolling out its integrated model across the Europe-Mediterranean zone and boasts a large network in the United States. BNP Paribas Personal Finance is the leader in consumer lending in Europe. In its Corporate & Investment Banking and Investment Solutions activities, BNP Paribas also enjoys top positions in Europe and solid and fast-growing businesses in Asia.
*Within its peer group