BNP Paribas is to expand its wealth management businesses in Asia.
The wealth unit held 30bn in assets under management (AuM) at end-2012 in the region and was ranked eight in terms of bank’s AuM in Asia, according to PBI Asia- Pacific Top 20 survey.
Part of the group’s overall expansion in the region, the wealth unit is hoping to increase its client-base, especially targeting entrepreneurs and ultra high net worth (UHNW) growing segments, the bank confirmed.
In co-operation with the bank’s corporate and investment banking (CIB) business, the wealth unit is expected to strengthen its local staff numbers.
The bank said the wealth management unit, through its Asian expansion, is aiming to be one of the top three players in the region.
Details of the expansion for 2014-2016 are expected to emerge during BNP Paribas’ full year results announcement next year.