The eurozone’s largest private bank, BNP
Paribas, is to reorganise its wealth management businesses under a
single business line across five distinct geographic markets.
The five zones are now: Asia-Pacific; European
domestic markets and new domestic markets; international Europe
(including the Middle East and Latin America); and Luxembourg.
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The elevation of Asia-Pacific to one of five
key zones within the bank is a sign of the region’s increasing
importance to BNP Paribas.
BNP Paribas’ wealth management activities were
formerly split between the bank’s existing European retail branch
network and its international arm
The head of its North Asia business, Mignonne
Cheng, has been elevated to the executive committee of BNP Paribas
wealth management, along with the other region heads.
Cheng will remain based in Hong Kong and local
head of its Hong Kong operations, matching moves by other private
banks to have key leaders based in Asia.
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By GlobalDataThe reorganisation follows BNP Paribas’
unification of its UK private banking services with Fortis Private
Investment Management and Insinger de Beaufort UK to form BNP
Paribas Wealth Management UK in June.
