France’s Compagnie Financiere Martin Maurel has wrapped up its merger with Rothschild & Co.

The deal, announced in June 2016, combined the companies’ private banking and asset-management operations in France to create an independent family controlled private banking group with €34bn in assets.

The combined entity will operate in France, Belgium and Monaco, offering wealth management, asset management, financing and corporate finance advisory service. It will operate under the name Rothschild Martin Maurel.

Rothschild & Co chairman David de Rothschild said: “The combination of two family controlled businesses that share the same history, the same culture and the same vision of their industry, creates an outstanding company and we are delighted to celebrate this merger today.

“The transaction is in line with our strategy to accelerate our growth in private wealth and of focusing on annuity style revenues.”

The deal was funded by issuing 6.1 million new shares and by external bank facilities of €88.3m.

Martin Maurel president and CEO Bernard Maurel said: “This combination allows us to broaden the range of our offerings to all our clients, especially entrepreneurs, thanks to a strengthened and broader range of asset and wealth management products and services."