Banque Richelieu France, Banque Richelieu Monaco and Richelieu Gestion, former subsidiaries of KBL Private Bankers, have received regulatory approval to form a new private banking and asset management company, Compagnie Financière Richelieu.
This consolidation follows the acquisition of the units by Lebanon’s Societe Genrale de Banque au Liban last year.
Compagnie Financière Richelieu is chaired by Antoun Sehnaoui while Philippe de Fontaine Vive has been appointed managing director.
“This operation represents a great opportunity to build a major international banking platform,” a statement said. “We are able to fulfill our clients’ ambitions by offering them flexible and resourceful solutions.”
Banque Richelieu Monaco, formerly KBL Monaco Private Bankers, is chaired by Antoun Sehnaoui while Jean Danckaert remains the bank’s member of board and managing director.
Richelieu Gestion, previously KBL Richelieu Gestion, is chaired by Georges Saghbini. Christophe Boulanger has been appointed managing director.
KBL Private Bankers owns the UK’s Brown Shipley.