BNP PARIBAS Private Bank Expands in North Asia Boosted Management Team to Capitalise on Burgeoning Market - BNP Paribas Hong Kong SAR, CHINA
BNP Paribas in Hong Kong SAR News & Press
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July 31, 2006 -

BNP PARIBAS Private Bank Expands in North Asia Boosted Management Team to Capitalise on Burgeoning Market

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BNP Paribas Private Bank Hong Kong Branch has recorded a 30 percent increase in revenue for the first half of 2006, significantly improving its market share. Hong Kong is BNP Paribas Private Bank’s largest on-shore private-banking centre outside France.

BNP Paribas Private Bank has chosen to expand at this time when the number of High Networth Individuals (HNWIs) in Asia have hit a record high in history. Between 2004 – 2005, for example, the number of HNWIs in Hong Kong has recorded dramatic double-digit growth, at 14.4 percent. Today, Asia-Pacific represents 27.6% of HNWIs worldwide, or 2.4 million individuals.

Further to the opening of onshore private banking businesses in Taiwan and Shanghai in October 2005 and April 2006 respectively, BNP Paribas Private Bank has now embarked on an ambitious expansion plan for its Hong Kong onshore business. These expansion plans include beefing up its Hong Kong account-servicing and product-specialist teams with seasoned professionals who have proven track records.

Product innovation is at the heart of BNP Paribas’ strategy and it encompasses the broadest range of asset classes, from structured equity and derivatives, credit-linked products, CDOs, private equity to commodities and hedge funds supported by a comprehensive offering in credit products and trust services. Seasoned market specialists and investment advisers have been recruited worldwide to strengthen further the quality of the Bank’s offer and advice. Today in Asia, BNP Paribas Private Bank has a ratio of two product specialists to every three sales staff, which is the highest industry ratio.

Claude Haberer, CEO of BNP Paribas Private Bank in North Asia, is a veteran in the Asian banking business. He is supported by two Deputy CEOs responsible for the Hong Kong buinesss, Eric Aubin and Philippe Legrand respectively.

Eric has been with BNP Paribas for 13 years and was prviously Head of Development for BNP Paribas Private Bank Asia. Philippe recently joined the Bank from another large European bank where he was in charge of its Hong Kong private banking division.

Claude Haberer said: “As the Asian region is expanding rapidly, there is a growing demand for sophisticated and innovative investment products and services. We are one of the very few global financial institutions with such significant resources in private banking.”

“This strategic move epitomizes our quest for continued innovation. What sets us apart from the competition are our product platform and innovation covering all classes of investment. Having built that sophisticated structure, we now have to maximize our potential by correspondingly increasing our sales capabilities.”

“While we already have a solid track record in private banking business in Asia, the resultant business expansion leaves us even better positioned to capitalise on the vibrant private banking business in Hong Kong and the region. By leveraging our global network, a strengthened management team and client relationship capabilities, we become a more formidable partner for our clients, ” Mr. Haberer added.

Christine Chan
Corporate Communications Manager,
BNP Paribas, North & East Asia

Tel: +852 2909 8847
Email: christine.chan@asia.bnpparibas.com