Piraeus Bank and BNP Wealth Management announce today that they have concluded a strategic partnership in global Wealth Management in the countries where Piraeus Bank Group is present. 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.