The partnership will create a unique combination of strong local expertise in Greece and international know-how and structures, allowing clients to access global wealth management solutions encompassing a complete offering of products and services in the domestic market as well as in international wealth management.
Upon closing of the transaction, which is expected to occur in the last quarter of 2009, the partnership will be materialized by two new joint ventures, one in Greece and one in Switzerland, which will position the partners at the forefront of the wealth management industry for the servicing of the Greek clientele. In Greece, this joint venture will enable Piraeus Bank and BNP Paribas Wealth Management to create a highly visible wealth management specialist benefiting from the expertise and structures of leading global player in wealth management, BNP Paribas Wealth Management and the strong local presence and retail banking platform of Bank of Piraeus. The Swiss joint-venture will be dedicated to international wealth management needs of clients from Greece and the other countries where Piraeus Bank Group is established and will leverage on the solid know-how and service platform of BNP Paribas in Switzerland.
By combining the strengths of their respective offerings and structures, and their highly complementary business models, Piraeus Bank and BNP Paribas Wealth Management aim at building up a driving force in the buoyant markets where Piraeus Bank Group is present, enhancing their competitive position for the global servicing of clients from Greece and neighbouring countries.
The completion of the contemplated strategic partnership is subject to the appropriate regulatory approvals.
BNP Paribas Wealth Management.
BNP Paribas Wealth Management is a wholly-owned subsidiary of BNP Paribas and is part of BNP Paribas Wealth Management, the business line globally in charge of wealth management services. It offers personalised portfolio engineering and diversification advice, tailored to the specific needs of each client, backed by a range of carefully selected high-performance, innovative products, and by dedicated experts. This business line has a solid base in the world's major private banking markets, being present in more than 30 countries. With EUR 189 billion of client assets, BNP Paribas Wealth Management is the 1st Private Bank in the Eurozone and the 7th Global Private Bank in 2009.
BNP Paribas (www.bnpparibas.com) is one of the 6 strongest banks in the world according to Standard & Poor's*. With a presence in 85 countries and more than 205,000 employees, 165,200 of which in Europe, BNP Paribas is a global scale European leader in financial services. ItIt holds key positions in its three major activities: Retail banking, Investment Solutions and Corporate & Investment Banking. The Group benefits from its four domestic markets: Belgium, France, Italy and Luxembourg. BNP Paribas also has a significant presence in the United States and strong positions in Asia and the emerging markets.
* Within its peer group
Piraeus Bank Group.
Piraeus Bank Group (www.piraeusbank.com) is one of the most dynamic financial organisations in Greece having a network of 902 branches (358 in Greece and 544 abroad) and 13,935 employees. Founded in 1916, Piraeus Bank has continuously grown in size and activities and today has a presence in 10 countries with total assets around €54 billion. Piraeus Bank Group holds key positions in Retail Banking, Investment Solutions and Corporate & Investment Banking, combining business development and social responsibility, endorses systematically its relations with its social partners through specific actions, as well as the broader social environment, while emphasis is placed on the protection of the natural and cultural environment.
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