Dexia and BNP Paribas have commenced exclusive discussions regarding the projected sale of Dexia Banque Prive France (DBPF). DBPF is a wholly-owned subsidiary of Dexia BIL, which offers private banking services to private clients and not-for-profit organisations.
As at 30 June 2006, DBPF’s equity capital totalled 108 million euros while net income came to €3.6 million for the first half of 2006. Client outstandings amounted to €3.1 billion at the end of June 2006, among which €2.8 billion of assets under management. Assets managed on behalf of not-for-profit organisations represented nearly a quarter of this amount. DBPF has less than 200 employees, the great majority of whom are based in Paris.
“This operation would enable BNP Paribas to strengthen its number one position in the French private banking market,” says Marie-Claire Capobianco, the Director of BNP Paribas Banque Prive France “By combining the strengths of its retail bank in France with those of its asset management and services division, BNP Paribas has already developed a leading private bank, noted for its widespread establishment throughout the country, its quality of service and degree of innovation. The proposed acquisition of Dexia Banque Prive France would enable it to move up a gear, on its home market by further consolidating its private wealth management capacities and adding recognised experience with not-for-profit organisations to its spectrum of expertise.”