Cortal, the on-line broker and funds supermarket owned by BNP Paribas, has agreed to take over the private client acquired in France by American Express Bank. The quid pro quo is that Cortal will expand the range of American Express products it distributes to include the Luxembourg-registered American Express EPIC and World Express Funds.
An American Express green card will also be offered to some Cortal clients. Cortal was already servicing the 32,000 private clients of American Express Bank. They, and their assets of Euros 390 million under management, join 626,000 Cortal clients scattered across France, Belgium, Luxembourg, Spain and Italy, making the French broker the biggrest in Europe in terms of clients.
“This alliance is good news for both our clients and those of Cortal,” says Nicolas B Sireyjol, general manager of American Express Carte France. “American Express Bank clients will be able to take advantage of Cortal’s exceptional customer service capabilities and expanded product and service range. Cortal’s clients will now get access to our card and, more extendedly, to our asset management expertise. Partnering with other leading financial institutions is proving to be a winning strategy for us not just in France but in a number of markets”.
“We’re delighted that we’re going to be able to expand our relationship,” says Olivier Le Grand, Chairman of Cortal’s Management Board. “Since 1997, the beginning of our partnership with American Express Bank’s PFS, Cortal and American Express have built up a solid experience in working together. American Express clients – who already had access to our Funds Supermarket – will benefit from all of the investment services offered by Cortal: short-term investments, life insurance and an access to main international stock markets. A dedicated team will continue to handle American Express customers. This agreement is part of our development strategy in Europe.”