La Banque Postale revealed on Wednesday that it wanted to develop its private bank, renamed Louvre Banque Prive. In particular, it wants to increase the outstandings of its high net worth customers from 70 billion euros to 85 billion euros by 2025.
To accelerate the development of its European Private Bank (BPE), renamed Louvre Banque Prive, the group aims to extend Louvre Banque Prive’s expertise to La Banque Postale’s wealthiest customers. The group also wishes to attract new customers or new outstandings by encouraging current customers with assets in other establishments to repatriate them to the bank.
Acquired in 2013 by La Banque Postale, Louvre Banque Prive, currently manages 14.1 billion euros in outstandings savings and 4.4 billion euros in outstandings of credit. She wants to spend 25 billion by 2025.
But the group counts as a high net worth client any person with at least 250,000 euros in liquid assets, a threshold adopted by the main competitors, said Philippe Heim, Chairman of the Management Board of La Banque Postale, at a press conference. And this clientele, for the part that is not a client of the private bank, currently represents 56 billion euros in outstandings within the Banque Postale.
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Louvre Banque’s project is precisely (…) to offer them an offer that meets their needs, which are sophisticated, explained Philippe Heim, adding that not all high net worth customers were destined to join the private bank.
Wealth and wealth management, direct real estate investment or wealth financing solutions, are examples of the services offered.
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250 new recruitments
At the end of 2021, the group had 28 branches and 57 post office spaces. He wants to open 100 new spaces by 2025, and recruit 250 employees. at the end of last year, 470 people worked in the private bank.
The idea is to continue the movement of diversification of La Banque Postale, explained Philippe Heim, recalling that in November, the group had announced the creation of a new bank of financing and investment, dedicated to companies , local communities and institutions.
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