Vivien Levy-Garboua, Head of BNP Paribas' Asset Management & Services division stated: "We are delighted at the prospect to welcome the CIWM clientele. We believe that the access to BNP Paribas' products and services will enable the consolidation and the expansion of existing relationships”. Upon completion, the CIWM relationship managers in Switzerland are expected to join BNP Paribas Private Bank (Switzerland) SA, thus providing continuity in the management of the clientele.
BNP Paribas Private Bank (Switzerland) SA also signed an agreement for the acquisition of CaixaBank Banque Privée (Suisse) SA (“CBPS”). CBPS provides private banking and fund management services. It currently manages CHF 460 million including the Luxembourg-based Caixa Funds range. The transaction is subject to regulatory approvals and is expected to be completed during the first quarter of 2005. As part of the transaction, it is intended that most of the sub-funds of Caixa Funds be absorbed into Parvest, the flagship Luxembourg-based umbrella fund of BNP Paribas Asset Management (“BNP PAM”).
François Debiesse, Head of BNP Paribas Private Bank, said that: “The CIWM and CBPS transactions are fully in line with our selective external growth strategy which aims to fuel BNP Paribas' strong private banking platform developed over the past years and hence complement our ambitious organic growth targets". Gilles de Vaugrigneuse, Head of BNP Paribas Asset Management, added that: “The envisaged absorption of Caixa Funds into Parvest represent a compelling opportunity to develop a long-lasting business relationship with la Caixa, the leading institution in the Spanish financial industry by number of branches.”
Notes to Editors :
BNP Paribas (www.bnpparibas.com) is a leading global financial services group, with solid roots in Europe and significant positions in Asia and the Americas. The group has one of the largest international banking networks with a presence in more than 85 countries and 89,400 employees, including 67 700 in Europe. BNP Paribas enjoys key positions in Retail Banking; Corporate and Investment Banking; Private Banking, Asset Management, Insurance and Securities Services.
BNP Paribas Private Bank (privatebank.bnpparibas.com), the private banking arm of BNP Paribas, ranks among the top ten players world-wide in its field, managing over €100 billion on behalf of its clientele. It commands a leading position in France and occupies first-tier positions in the major international private banking centers.