France-based BNP Paribas has recruited close to 20 bankers for its wealth business in Asia as part of the bank’s plans to grow its footprint there.
The appointments over the last six months were across Hong Kong, Singapore and Taiwan someone familiar with the matter told Bloomberg.
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These include Martin Loh, who started in November as head of wealth management for China from Credit Suisse and Kate Lin was hired to head Taiwan.
In addition, Tiffeny Situ joins from Morgan Stanley and Wendy Chan from Citigroup, according to the source.
BNP Paribas Wealth Management recorded an 8.6% rise in revenue in H1 2023 year-on-year, and a 6.6% rise in Q2 2023 compared the same period in 2022.
However, this strong revenue growth was slightly offset by a poor real estate market.
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By GlobalDataAfter allocating one third of Private Banking’s net income to Wealth Management (IPS division), Consumer, Personal Banking & Services (CPBS) achieved pre-tax income of €2,283m, down slightly by 0.4% compared to Q2 2022.
For H1 2023, BNP Paribas revenues, at €23,395m ($25,742m), were considered stable compared with H1 2022 (€23,404m), according to the bank.
In the operating divisions for H1 2023, revenues rose by 2.6% year-on-year. They also rose by 1.1% at corporate and institutional banking (CIB), attributed to the strong increase in revenues of 15.3% at global banking and a rise of 3.1% in securities.
