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June 23, 2022

BNP Paribas winds up wealth management operations in Brazil

BNP Paribas has transferred its Brazilian wealth management operation to regional rival Banco Bradesco , reported Reuters citing the securities filing and a letter to investors by the French bank.

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  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
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The financial terms of the agreement were not disclosed.  

The Paris-headquartered lender decided to pull the plug on its private bank in Brazil following a “constant review of portfolio”.

The migration to Bradesco’s private bank is set to take place in the coming month.

Bradesco said in a statement that the BNP customers who migrate to its Private Bank will be offered access to a range of products and services, including advisory on succession and foreign assets, advice on non-financial assets and structured operations.

The bank said: “The referral agreement entered into with Bradesco is in line with BNP Paribas’ objective of guaranteeing its clients the continuity and excellence of the services currently provided.”

Bradesco oversees approximately $73.14bn (BRL380bn) in assets and has about 400 employees.

BNP will retain its local asset management unit and other banking activities in its Brazilian subsidiary.

Other moves by BNP

In April, BNP Paribas Asset Management wrapped up its previously announced acquisition of a majority stake in Dutch asset manager and specialist lender Dynamic Credit Group.

This March, Global wealth and fund solutions firm ZEDRA acquired BNP Paribas Jersey Trust.

Last year, the bank submitted an application with China Securities Regulatory Commission to set up a securities company in the country. It first revealed its plans to enter the securities trading business in China in 2019.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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