BNP Paribas Expands Wealth Business in Asia

BNP Paribas SA has hired approximately 20 bankers in Asia over the past six months as part of its strategy to expand its wealth business in the region. The recruitment drive spanned Hong Kong, Singapore, and Taiwan, with notable senior hires including Martin Loh, who joined as head of wealth management for China from Credit Suisse Group AG, and Kate Lin, who was recruited to head Taiwan.

Other senior additions include Tiffeny Situ from Morgan Stanley and Wendy Chan, formerly at Citigroup Inc., both serving as managing directors based in Hong Kong, covering the Greater China market. Angela Yang and Vicky Liu also joined the bank in various roles.

BNP Paribas aims to strengthen its presence in Asia, particularly in wealth management. The bank manages around $80 billion of assets in its wealth business in the region. In 2022, the firm announced a target to double the assets it manages for wealthy Chinese offshore clients over the next three years.

The wealth management unit in Asia is led by Arnaud Tellier. The recent hires are part of the bank’s hiring push in Singapore and Hong Kong to accommodate increased business in the region.

Private banks in the Asia Pacific region are facing challenges with muted transaction revenues and reduced lending, influenced by factors such as the China property market turmoil and a selloff in Chinese technology shares. Despite the competition from larger rivals like UBS, HSBC, and Citigroup, BNP Paribas is actively working to attract wealth from affluent clients.

The move comes in the wake of changes in the wealth management landscape in Asia, driven by UBS Group AG’s takeover of Credit Suisse. Other banks, including Bank of Singapore, have also made strategic hires amid these developments. However, some foreign lenders in China have faced challenges due to a slowing economy and a lack of deals, with Credit Suisse dismissing its entire wealth management team in the country.

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