French bank BNP Paribas is rebranding and restructured its wealth management business BNP Paribas Wealth Management in what it calls a more accurate reflection of the universal dimension of BNP Paribas’ private banking client relationships.

The bank also claims that it carries a guarantee of security by being part of a strong global banking group, together with an ability to innovate and offer new investment techniques and products.

The organisation of the private bank is being strengthened to accelerate its development by capitalising on a dual client sourcing model.  BNP Paribas Wealth Management will comprise two business lines: Wealth Management Networks (WMN), supported by the future Retail Banking Group and operating as a joint venture with Asset Management and Services (AMS) and Wealth Management International (WMI), coming under AMS.

The Wealth Management Networks’ business line will build on the private banking expertise developed with the retail  banking networks in France.

Marie-Claire Capobianco will lead Wealth Management Networks, under the joint supervision of Jean-Laurent Bonnafé,  Chief  Operating  Officer and Alain Papiasse, Head of Asset Management and Services.  She also retains her position as Head of Private Banking in France.

Wealth Management International will continue to increase its presence in its main locations (Switzerland,  Luxemburg, Monaco,  Belgium,  Netherlands, London, Spain,  Portugal,  Greece, Hungary, the Gulf,  India, Greater China, South-East Asia, Latin  America), and will cooperate with  the Corporate and Investment Banking business. In a statement, the banks says that the business will also be developed through internal growth, acquisitions and strategic partnerships.

Michel Longhini will lead Wealth Management International, reporting to François Debiesse, head of BNP Paribas Wealth Management. His move to an international role from head of Asia Pacific Wealth Management was reported by WealthBriefing in the summer.

A new unit, known as Key Clients Unit, will be headed by Olivier Perrain, to service ultra high net worth clients.

BNP Paribas Wealth Management’s executive committee,  chaired by François Debiesse,  will comprise Marie-Claire   Capobianco, Michel Longhini, Olivier  Cœnon  (Corporate Solutions),  Luc Fichter (Loans), Serge Forti  (WMI  Asia),  Olivier  Maugarny (Products  &  Services), Hubert Musseau (COO and Risks Functions) and Michel Rouach (Finance & ALM).