Martin Maurel, based in Marseille, has received irrevocable backing from a majority of its investors and the merger should be completed this year, creating a private bank with 34 billion euros ($39 billion) in assets under management in France.
“This gives a better footprint across France,” said Emmanuel Dooseman, a Paris-based partner at international business-advisory firm Mazars. “It also provides more resilience in the current low-rate environment. The deeper the client base, the more room you have to sell sophisticated products and get commissions.”
To access the complete Bloomberg News article hit the link below: