BNP Paribas Private Bank today announces strong revenue growth for Asia in the first half of 2007, which represents a 40 per cent year-on-year surge in business revenues as of June 2007.
As an integrated part of the global BNP Paribas Private Bank, BNP Private Bank Asia is one of the leading private banks in the region with total assets under management (AUM) of US$25 billion as of June 2007. The Bank’s private banking business in this region represents 12% of the Group’s private banking business.
“We’re delighted to see such phenomenal growth in our business in Asia. After all, Asia is a vast market with diverse cultures in varying stages of development. We will continue to leverage our strengths and tap into this dynamic buoyant market and capitalise on the liberalizing regulatory framework,” said Mr Michel Longhini, Chief Executive Officer of BNP Paribas Private Bank, Asia, and a Member of the Executive Committee, BNP Paribas Private Bank.
Bearing testament to BNP Paribas’ leadership in private banking is the much coveted industry award, the Asiamoney Private Bank 2007 Awards, in which BNP Paribas came #1 as the Best Global Private Bank in Asia (for clients with AUM of between US$1 million and US$5 million); #2 for clients with AUM of between US$5 million and US$25 million; and #3 for clients with AUM of between US$25 million or above.
Mr Claude Haberer, CEO of BNP Paribas Private Bank, North Asia and Hong Kong, said, “As we expand our geographical reach with additional on-shore operations, we have invested substantially in talent management. We have doubled the number of our relationship managers in three years to ensure top-notch quality service to our clients,
whereby each relationship manager has an average 15 years of experience in the industry. In addition, we have a ratio of approximately one product specialist for every
sales person in our team, which is probably one of the highest ratios in the market.”
The Bank’s team-based, consultative approach will remain underpinned by BNP Paribas Investment Research which drives its investment insights. The full team of investment advisors will customize innovative wealth management solutions to be delivered through integrated product platform. All of its clients will be able to access the best-in-class products and services within and outside the BNP Paribas Group.
Going forward, BNP Paribas will remain focused on an advisory-oriented, client-centric business model, whereby an open-architecture approach will remain integral. This means the BNP Paribas private banking team will work closely with the client to gain insight on the structure of their assets.
The strategy will be supplemented by custom-made strategies for individual markets, each of which has its distinct demographic makeup.
In Hong Kong, for instance, BNP Paribas Private Bank will continue to build its core market, notably from synergizing with corporate banking and corporate finance areas to cross sell its expertise. Hong Kong is also a market where estate planning is gaining momentum.
Meanwhile Taiwan remains the biggest offshore market in the region. BNP Paribas has just established its second flagship unit in Kaoshiung to complement and support its already sizeable onshore operations in Taipei.
In mainland China which has one of the world’s highest concentration of millionaires, BNP Paribas has already applied for local incorporation which, subject to regulatory approval, will enable BNP Paribas Private Bank to offer a comprehensive range of foreign currency and Renminbi-denominated products and service offerings to wealthy local customers.
Corporate Communications Manager,
BNP Paribas, North & East Asia
Tel: +852 2909 8847