Fortis Private Banking, the name now given to the old MeesPierson brand, has targeted ambitious growth for its Swiss subsidiary, according t...

Fortis Private Banking, the name now given to the old MeesPierson brand, has targeted ambitious growth for its Swiss subsidiary, according to a report by Le Temps. The Swiss subsidiary, based in Geneva, aims to have SFr20 billion ($15.7 billion) of assets under management by 2009. The bank currently has €12.5 billion. The report said that growth would come about through a combination on synergies between the commercial bank and possible acquisitions. Last year Fortis bought Dryden Wealth Management, which gave the bank an additional $11 billion in AUMs, some of which was based in Dryden’s Geneva office. The report said Fortis has developed a specialist lending department for Europeans buying second homes in Switzerland, which it said was a growing trend. Fortis said the majority of its client base was from continental Europe.