BNP Paribas is reportedly planning a significant expansion of its private banking operations in Asia, with China to the fore.
The Financial Times reports that BNP Paribas wants to keep pace with its major rivals such as HSBC and Citigroup, which are also making significant investment in the wealth management arena in China. BNP is set to hire more staff at its private banking operations in Hong Kong and the recently-opened Shanghai branch.
The French group also owns a 19.9% stake in Nanjing City Commercial Bank, and the Financial Times reports that BNP is likely to invest more in its partner’s nascent wealth management business going forward.