BNP Paribas co-CEO of wealth management for Asia Pacific, Andy Chai, has resigned only two months after his appointment.
In his role, Chai took responsibility for the Greater china markets, which included mainland China, Hong Kong and Taiwan – as well as being tasked with managing the Asia strategic client segment.
Chai was known as BNP Paribas’ best-known banker and will continue in the industry.
The role will be succeeded by Arnaud Tellier, a 29 year old veteran of BNP Paribas, who was co-CEO of the region with Chai.
Previous to becoming co-CEO, Tellier served as the wealth management head for Singapore and Southeast Asia. He is now responsible for Southeast Asia, India and international markets
The pair succeeded Pierre Vrielinck who had been at the helm of the Asia Pacific business since 2017.
Private Banker International released the news of Chai and Tellier’s appointment to the wealth management unit in the Asia Pacific region earlier in the beginning of October.
As both co-heads, Chai and Tellier reported hierarchically to co-CEO of BNP Paribas wealth management, Vince Lecompte and functionally to BNP Paribas Group CEO of Asia Pacific Eric Raynaud.
According to finews.asia Tellier will assume sole charge, effective immediately.
The wealth and asset management arm of French banking group BNP Paribas reported a pre-tax income of €170m for Q3 2019.
This marks a 19% surge from last year’s income of €143m ($159.7m).
The unit’s revenues for the three-month period ended 30 September 2019 were €803m, up 2% from €791m in the same quarter of 2018.
Operating income at the division increased 15% to €157m from €136m over the period.
Operating expenses dropped 1% year-on-year to €649m, which was said to be primarily due to transformation measures in Asset Management.
As of 30 September 2019, Insurance and Wealth and Asset Management’s assets under management were €1.11trn.
The figure is a rise of 8% from end-December 2018, mainly driven by inflows of €13.8bn from Wealth Management in Asia, Belgium, and Germany.
Assets under management broke down as follows: asset management (€436bn), wealth management (€385bn), insurance (€260bn), and real estate services (€30bn).