As part of this transaction, the insurance company has been taken over by Cardif Lux Vie. The transaction was approved by the competent regulatory authorities.

“We are delighted that this major acquisition was successfully finalised within the agreed timeframe. The decision to further secure our Group’s footing in the private banking and insurance sectors in Luxembourg reflects our determination to play an active role in the development of the country’s financial sector. We are excited to welcome the new colleagues joining our Group, as well as our new clients, who will have access to the international Wealth Management and Insurance expertise offered by BNP Paribas,” stated Geoffroy Bazin, Country Head of the BNP Paribas Group in Luxembourg, Chairman of the BGL BNP Paribas Executive Committee and Chairman of the Board of Directors of Cardif Lux Vie.

“Amid the consolidation of the private banking market, this acquisition (representing EUR 5.6 billion in assets under management) allows us to strengthen our position in Luxembourg in the big European entrepreneurs segment, and enables us to create synergies”, explained Vincent Lecomte, Co-CEO of BNP Paribas Wealth Management. “We will thus be expanding the range of services so that this new client base can access our unique solutions – in particular private equity, asset management mandates and financing – and draw upon the Group’s expertise in investment banking and real estate.”