BNP Paribas Wealth Management: a new brand for the private banking business
BNP Paribas is a major player in the private banking sector, employing more than 4,500 professionals in 30 countries, and managing assets valued at nearly €150 billion at the end of June 2008. BNP Paribas' strategy for the Wealth Management business is to tailor its services to its clients' individual needs, offering private clients a wide array of financial instruments and investment options.
The new name BNP Paribas Wealth Management is a more accurate reflection of the universal dimension of BNP Paribas' private banking client relationships. It also carries a guarantee of security by being part of a strong global banking group, together with an ability to innovate and offer new investment techniques and products.
An activity with two business lines
As the BNP Paribas Wealth Management brand is launched, the organisation of the private bank is being strengthened in order to accelerate its development by capitalising on a dual client sourcing model. BNP Paribas Wealth Management will comprise two business lines:
- Wealth Management Networks (WMN), supported by the future Retail Banking Group and operating as a joint venture with Asset Management and Services (AMS)
- Wealth Management International (WMI), coming under AMS.
Wealth Management Networks
The setting up of the Retail Banking Group by BNP Paribas will enable the development of a coordinated private banking operation supported by all the group's retail networks. The Wealth Management Networks' business line will build on the private banking expertise developed with the retail banking networks in France (BNPPARIBAS is the best and leading private bank in France – Euromoney 2008) and Italy, further developing this approach in locations where the BNP Paribas group has – or will have – domestic retail banking.
Marie-Claire Capobianco will lead Wealth Management Networks, under the joint supervision of Jean-Laurent Bonnafé, Chief Operating Officer and Alain Papiasse, Head of Asset Management and Services. She also retains her position as Head of Private Banking in France.
Wealth Management International
This second business line already has a solid base in the world's major private banking markets and will continue to increase its presence in its main locations (Switzerland, Luxemburg, Monaco, Belgium, Netherlands, London, Spain, Portugal, Greece, Hungary, the Gulf, India, Greater China, South-East Asia, Latin America), thanks to its close cooperation with the Corporate and Investment Banking business. The business will also be developed through internal growth, acquisitions and strategic partnerships.
Michel Longhini will lead Wealth Management International, reporting to François Debiesse, head ofBNP Paribas Wealth Management.
Teams of wealth management experts
The two business lines, which currently manage similar volumes of customer assets, will be supported by the expertise of BNP Paribas Wealth Management's support functions, including elaboration of financial and portfolio management services, investment diversification, such as philanthropy.
In order to strengthen both business lines' capacity to attract and advise some of the world's largest fortunes they also will be supported by a joint global coverage team – known as Key Clients Unit – headed by Olivier Perrain.
François Debiesse, head of BNP Paribas Wealth Management will have the responsibility for the support functions as well as the Key Client Unit.
Effective from September 1st 2008, the BNP Paribas Wealth Management executive committee, chaired by François Debiesse, comprises, in addition to Marie-Claire Capobianco and Michel Longhini, Olivier Cœnon (Corporate Solutions), Luc Fichter (Loans), Serge Forti (WMI Asia), Olivier Maugarny (Products & Services), Hubert Musseau (COO and Risks Functions) et Michel Rouach (Finance & ALM).
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is a European leader in global banking and financial services and is one of the 3 strongest banks in the world according to Standard & Poor's. The group is present in over 85 countries, with more than 168,000 employees, including 129,500 in Europe. The group holds key positions in three major segments: Corporate and Investment Banking, Asset Management & Services and Retail Banking. Present throughout Europe in all of its business lines, the bank's two domestic markets in retail banking are France and Italy. BNP Paribas also has a significant presence in the United States and strong positions in Asia and the emerging markets.