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Ernst & Young-tied law firm Tite & Lewis has cemented its burgeoning relationship with European investment bank BNP Paribas by completing one of the first banking business transfers under new rules introduced late last year. A team led by finance partner Charles Proctor advised the bank on the restructuring of its private banking business in the UK. Proctor brought the BNP Paribas relationship to Tite & Lewis when he joined the firm from Norton Rose in February 2001. Since then, the firm has grown closer to its client and has been instructed on a number of other financial services-related matters. Proctor said: "We were delighted to be involved in the restructuring of the private banking business of BNP Paribas. The necessary transfer scheme was among the first to be attempted under new procedures introduced last December and it therefore required a great deal of ground-breaking research in relatively unexplored fields." The restructuring is part of BNP Paribas's strategy to focus its private banking business into a French subsidiary, named BNP Paribas Private Bank. It was one of the first of its type and entailed a transfer of customer accounts, loans, security and portfolio management business from a UK entity to the London branch of BNP Paribas Private Bank. The scheme had to be approved by the Companies Court under Part VII of the Financial Services and Markets Act 2000. Tite & Lewis instructed Michael Blair QC and John Odgers of 3 Verulam Buildings to appear at the hearing. Judge Etherton commended the firm for its strategy. BNP Paribas does not have a formal panel in place, but instructs a selection of preferred firms. In addition to Tite & Lewis, BNP Paribas refers financial and litigation matters to SJ Berwin and Norton Rose.