The head of wealth management at French banking giant BNP Paribas, François Debiesse, has retired from the company, it announced today, while also revealing a number of other changes to the leadership of this division.

BNP said it will bring its wealth management operations under a single business line, Wealth Management, under the leadership of Jacques d'Estais, who will retain his responsibilities as head of Investment Solutions.

The bank did not explicitly state whether d’Estais was a direct replacement for Debiesse, who was interviewed by this publication earlier in the year. d’Estais’ exact job title was not set out in the press statement. BNP did not immediately return calls on the matter. (To view this publication's profile of the firm, click here.)

The firm has been catapulted up the rankings of wealth managers due to its purchase last year of the private banking business of Fortis, making it the largest wealth manager in the euro zone, with a total of €247 billion (around $311 billion) of assets under management at the end of March 2010. It has more than 6,500 wealth management professionals based around the world.

Back in early March, Debiesse highlighted how BNP's wealth management business was broadly divided into two broad business models: Wealth Management International unit – which covers the various stand-alone businesses, and Wealth Management Networks, which is where wealth management services are supported by the retail businesses in France, Italy, Belgium and other countries.

In describing its business structure going forward in its statement today, the French wealth management firm said: “The private banking market is evolving: its growth potential over the coming years is significant, and the introduction of new G20 regulations will necessarily lead to change. Under these circumstances, to better respond to our clients’ expectations and to leverage the strengths of BNP Paribas Wealth Management, both geographically and in terms of expertise, the bank has decided to change the business’ governance.”

As a result of the changes, the bank said it has decided to “create a consolidated governance structure”. It has set out its structure with five geographic zones: Asia Pacific; Euro Domestic Markets and New Domestic Markets; International Europe (including the Middle East and Latin America); and Luxembourg.

These zones have been assigned, respectively, to Mignonne Cheng, Marie-Claire Capobianco for all domestic markets, Pascal Boris and Patrice Crochet, the firm said.

It said that three “transversal functions” will support the development of these geographic zones. The first is Products & Services, under the responsibility of Olivier Maugarny.

An ultra high net worth individuals centre of expertise has been created; its organisation will be announced later, the firm said.. Finally, a COO entity, bringing together the functions of the business line, that will be entrusted to Vincent Lecomte.

Mignonne Cheng, Marie-Claire Capobianco, Pascal Boris, Patrice Crochet, Olivier  Maugarny and Vincent Lecomte will be the members of the Executive Committee of BNP Paribas Wealth  Management, together with d’Estais.

Cheng and Boris will, respectively, retain their responsibilities as head of North Asia and Switzerland.