PBi HK Forum: Key takeaways
PBI: BNP Paribas has had success driving the amount of introductions and referrals between its corporate investment bank and wealth units in Greater China, how has this been done?
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Mignonne Cheng (MC): BNP Paribas’ corporate and investment banking unit has a long history in Asia with robust capabilities and network. Thanks to the group’s long standing spirit of teamwork, the corporate and investment banking, and wealth management businesses of BNP Paribas Group have been cross-referring clients for many years to increase businesses and to provide clients with one-bank total solutions.
The key client relationship managers at BNP Paribas Wealth Management are well versed on corporate and investment banking’s offers, in addition to wealth management’s products and services. They are therefore able to identify opportunities to suit clients’ unique needs. Thus far, we have numerous successful cases in fixed income, corporate finance and investment bank areas.
PBI: The bank has quite an ambitious plan to grow its Asia workforce out to 2016, can you tell us more?
MC: The BNP Paribas Group has an ambitious growth plan for its businesses in Asia, and our wealth management business is an important and integral part of the plan. The plan was finalised last year and we are already in the implementation stage.
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By GlobalDataTo deliver this plan, talent is a critical element. For wealth management, we have the commitment from the group and APAC management team to invest in the workforce. Within the next three to four years, wealth management targets to double its number of relationship managers. Since 2012, the exercise has already started and we have hired a significant number of senior clientfacing staff to provide the best-inclass services to our clients.
PBI: How does BNP Paribas Wealth Management Asia Pacific differentiate itself from other private banks?
MC: BNP Paribas is one of the strongest banks in the world, with a presence in nearly 80 countries with 190,000 employees worldwide. It has a well-balanced business model comprised of retail banking, corporate and investment banking and investment solutions, which wealth management is a part of.
The group has had a presence in Asia since 150 years ago, with over 150 years of history in India and China, around 50 years in Hong Kong, Singapore and around 30 years in Taiwan. With its long history in Asia, the bank has robust knowledge of the market and a solid client base.
As at 31 March 2013, the Group’s solvency ratio arrived at 10% calculated on the basis of the new Basel 3 (CRD4) framework. Achieving our target six years in advance, we are one of the best capitalised global banks in the world.
The private banking arm of the BNP Paribas Group, BNP Paribas Wealth Management, is a leading global private bank with presencein some 30 countries, employing over 6,000 professionals globally, including nearly 1,000 in Asia. With BNP Paribas Group’s strong Asian heritage since setting its foot in the region over 150 years ago, and its strong backing from the Group, BNP Paribas Wealth Management has been a leading private bank in Asia for decades. Clients who bank with us have a deep and trusting relationshipswith us.
Mignonne Cheng is chairwoman & CEO of BNP Paribas Wealth Management Asia Pacific.
