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European bank launches French wealth initiative with acquisition

Banco Espirito Santo has acquired Marignan Gestion, a Paris-based wealth manager, in order to develop an onshore private banking business in France. Terms of the transaction were not disclosed.

Christian Merle, managing director of BES in France, said: "Marignan will give us the platform to develop a wealth business in France - predominately aimed at entrepreneurs and old money."

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