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.
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 Bonnaf, 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 line already has a 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 Franois 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.
Franois 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 Franois 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).
D.C.