Press Release

The BNP Paribas Group further expands its business in Germany and is active from now in wealth management services. BNP Paribas Wealth Management is headed by Pascal Grundrich (51), who joined the group last year and has more than eleven years of experience in Private Banking.

The new business line starts with offices in Frankfurt and Munich and will employ 15 people. This team offers personalised portfolio engineering and diversification advice, tailored to the specific needs of wealthy client, backed by a range of carefully selected products and supported by dedicated experts.

As largest private bank of the eurozone (€189 bn assets under management) BNP Paribas wants to provide German affluent clients the opportunity to benefit from the experience and security of the bank. The wealth management business is integrated in the existing German network of the group and uses in the background the IT-platform of the direct bank subsidiary Cortal Consors, specialized bank for savings and brokerage. Personal wealth advisors care for the wealthy clients with individual solutions and services.

"Germany is with more than 800.000 millionaires an interesting market. The past months have shown how important it is to handle assets risk sensitive. BNP Paribas as one of the most stable banks worldwide is capable to offer their clients safety and innovation", explains Grundrich.

BNP Paribas
Date: 27.09.2009

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