BNP Paribas has said that it is integrating its existing private banking operations in UK with those of Fortis Private Investment Management and Insinger de Beaufort, a wealth management firm, under the BNP Paribas Wealth Management brand.
The newly combined business is expected to manage over GBP5.5bn in assets and employs 130 people. It will offer various investment and wealth management services in addition to financing and structuring solutions for both onshore and international clients.
According to the BNP Paribas, the newly formed business will be led by Ligia Torres, who was head of fixed income corporate and SAS origination and sales for EMEA at BNP Paribas.
Ms Torres said: "Following the integration of our complementary businesses we now have a critical mass in the UK wealth management market. This together with our extensive and unique product offering and the backing of one of the world safest, strongest and largest banking groups puts us in an extremely strong position to grow our business over the coming years.”