BNP Paribas expands Chinese presence
Expanding its presence in China, BNP Paribas has opened a private bank in Shanghai and revealed plans to set up a team to develop its wealth management activities in the country.
BNP Paribas said that it intends to set up a 20-strong team to strengthen its wealth management services in China. To begin with, the team will provide information to clients and offer straightforward foreign currency and investment fund products in the Chinese market. The range of services will then expand as BNP's wealth management customer base grows, and as local legislation with regard to investment abroad by Chinese nationals develops. BNP explained that the demand for capital and asset management is intensifying in the country, with the number of Chinese consumers with incomes over $1 million, which currently stands at about 250,000, rising by 15% every year. BNP already boasts 7,000 private banking clientele in the region and, according to a study carried out by Asiamoney, is considered by many client segments to be the best private bank in mainland China.
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