BNP Paribas, the French-listed bank, confirmed yesterday it has completed its acquisition of Fortis, the Dutch-Belgian bank, which as a result will create the largest private wealth management firm in the euro zone.

The deal, announced after shareholder approval was granted, ends a long legal wrangle. The acquisition was originally announced last October. BNP Paribas had originally agreed to pay €14.5 billion ($19.2 billion) to the Belgian government for 75 per cent of Fortis Bank Belgium and all of its Belgian insurance business. Fortis Holding shareholders objected to that deal, which left it with a small business containing toxic assets and international insurance activities.

Under the agreement, BNP Paribas’ board approved the transfer by SFPI, a wholly-owned Belgian State company, of 54.55 per cent of shares and voting rights of Fortis Bank to BNP Paribas. In consideration for this transfer, BNP Paribas issued 88,235,294 ordinary shares to SFPI. Fortis Bank also purchased 25 per cent of the share capital of Fortis Insurance Belgium for €1.375 billion.

Last week, BNP said that it expects that its private bank, when combined with that of Fortis, will hold €187 billion of assets under management.

Finally, BNP Paribas has acquired a 12 per cent equity stake in Royal Park Investment, a company 45 per cent-owned by Fortis Holding and 43 per cent-owned by the Belgian State, which has purchased a portfolio of structured loans from Fortis Bank for €11.7 billion.