Fortis has created a new private banking division in France and is looking to more than double the managed assets of its French business in ...

Fortis has created a new private banking division in France and is looking to more than double the managed assets of its French business in the next five years, according to articles in the French press. The Belgian-Dutch financial firm has created Fortis House, a new private banking business model that will premier in France and subsequently be extended to the rest of Europe. The new initiative is being lead by former senior managers of OBC, Jean Garbois and Didier Kunstlinger. Fortis House will be based in Paris and aims to more than double the current level of the bank’s private clients’ assets under management to €5 billion ($5.9 billion) within five years. Fortis has already recruited more than 60 staff to the new venture.