French banking giant BNP Paribas has reportedly set up a new team in Hong Kong to offer charity service to wealthy clients.
South China Morning Post quoted Vincent Lecomte, co-CEO of BNP Paribas Wealth Management, saying that the new team will assist rich clients on managing charity donations via services such as setting up trusts and assisting them identify where to invest their money.
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"The bank would not charge fees for philanthropic services but would eventually benefit from them because they would help the bank better understand clients’ demands and networks," he added.
BNP Paribas started such services seven years ago in Europe.
"The sustained growth and surge in wealth experience in Asia has triggered a parallel growth in philanthropy in the region. We certainly see a correlation between increased wealth and increased engagement in philanthropic projects," he was further quoted as saying by the publication.
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