BNP Paribas has shaken up its investment banking division, in which its Securities Services business will now report to the head of its newly formed Corporate and Institutional Banking (CIB) unit, effective 5 January 2015.
The French bank announced widespread governance changes to the unit, which was previously called Corporate and Investment Banking, as it looks to shift its focus to serve corporate and institutional clients.
The move will mean Patrick Colle, CEO of BNP Paribas Securities Services, will report to Yann Gerardin, head of BNP Paribas CIB. Colle previously reported to Jacques d-Estais, chief operating officer, who will remain as chairman of the supervisory board of the Securities Services unit.
“The banking industry has changed dramatically, and not only in terms of regulations. Business models are being industrialised, rationalised, digitised,” says Gerardin. “Clients are expecting us to serve them holistically with added-value and industrialised solutions.”
BNP Paribas Securities Services will remain its own legal entity, but will now work in close cooperation with the rest of the CIB division to serve mutual clients such as hedge funds, asset managers and pension funds.