San Francisco-based Bank of the West is reportedly set to launch ultra-high-net-worth (UHNW) business over the next 12 – 18 months.
The bank will introduce the US version of the ultra-high-net wealth management program that its parent, BNP Paribas, rolled out in Europe and Asia, John Bahnken, head of the bank’s wealth management group, said in an interview to bankinvestmentconsultant.com.
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"We know that there are ultra-high-net-worth clients who we are doing business with us today who, if we introduced a broader, more robust ultra-high-net-worth offering, we would get a much greater share of wallet from those clients," Bahnken added.
Currently, the bank serves UHNW clients through its Private Client Services high-net-worth unit, which was launched nearly three years ago, as well as the commercial banking group.
"It’s a pretty big opportunity for us and that’s the reason we’re starting to focus on them now," the publication quoted Bahnken as saying.
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