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French Bank Merges Subsidiaries To Forge New Private Bank
French based Natixis bank is to combine its wealth management subsidiaries and launch a new private bank.
The group’s junior arms, La Compagnie 1818 and Bank Privee Saint Dominique, are to merge. The move is scheduled to be completed in the latter half of next year.
The change comes as part of ongoing restructuring plans at the bank. Joan Pierson, chairman of La Compagnie 1818 is to jointly lead the project with Paul-Louis Netter, the current chief executive of Bank Privéé Saint Dominique. They will work under the auspices of Jean Duhao de Berenx who sits in Natixis’s executive board in charge of both the private banking and private equities sector.
The new venture will also aim to strengthen business links with
the Luxemburg based Natixis Private Banking International which
serves non-French clientele with offices in
Geneva and
London.
Natixis’s private banking and private equity division makes up one of the five business lines of the group. At the end of last year Natixis’ private banking business held €17 billion worth of assets under management.