French banking major BNP Paribas is, reportedly, planning to expand its US wealth management operation by hiring 100 additional wealth advisors as part of a new expansion plan.
The plans come amidst looming US$10 billion penalty on BNP by US prosecutors over the company’s transactions with listed countries violating US Sanction laws.
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In an interview with Bloomberg, BNP Paribas wealth management co-head Sofia Merlo said the bank’s BancWest division currently has 200 employees with over US$7 billion in assets under management.
"Two years ago we were less well-known, and today we manage to lure people from very big banks. We are hiring a lot," added Merlo.
In addition, BancWest is keen to launch wealth management services in New York by 2015, after it receives local banking licenses.
Besides, the company also plans to open a new private-banking center in Palo Alto, California to add to its existing locations in Los Angeles, Denver and Pasadena, California.
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By GlobalDataBNP Paribas is adopting a sensible and realistic approach in opening new private-banking centers at BancWest, Merlo explained.
"We need to be in the right place and find the good locations."
