BNP Paribas Wealth Management: Banking for a Sustainable Future

The needs of Asia’s High Net Worth and Ultra High Net Worth clients are constantly evolving, prompting BNP Paribas Wealth Management* to continuously seek innovations in terms of offering, client experience and digital transformation.

It is this ability to create opportunities in a changing world that has helped the private bank to grow its Assets under Management (AUM) to US$89 billion, putting it in seventh place in the 2018 Asian Private Banker AUM League Table.

The Asia headquarters of the private bank has been located in Hong Kong for the past two decades and the city remains an important engine for the regional franchise.

“We have witnessed robust growth in Hong Kong in terms of AUM and revenues and the city remains a cornerstone of our business in the region,” said Pierre Vrielinck, Chief Executive Officer of BNP Paribas Wealth Management Asia Pacific.

Transactional activity and a growing appetite for managed asset solutions, including Discretionary Portfolio Management (DPM) and contractual advisory services, have helped to fuel a 13 percent rise in the division’s compound annual growth rate (CAGR) over the past seven years.

Global Connections

Besides its broad capabilities, BNP Paribas Wealth Management also prides itself on an ability to cross sell services and solutions from elsewhere within the BNP Paribas Group platform.

“The Group’s diversified banking model enables us to refer our clients to opportunities in corporate banking and real estate[1] in other parts of the world,” said Vrielinck.

“We routinely help our clients in Hong Kong and other locations to pursue other bank or real estate related activities elsewhere in Asia, but also in Europe and the United States,” he said.

With more than 200,000 employees, BNP Paribas Group has a presence  in 72 countries and locations in Europe, North & South America, Asia Pacific, Africa and the Middle East.

BNP Paribas Wealth Management’s unique capabilities and positioning have enabled it to routinely win industry awards in Asia.

The private bank has clinched more than 20 accolades over the past 15 months from Asian Private Banker, WealthBriefingAsia, Private Banker International and The Asset.

Categories for the awards included “Best Private Bank – Discretionary Portfolio Management”, “Best Ultra-High-Net-Worth-Individual Offering in Greater China”, “Best Private Bank Investment Advisory” and “Best Overall Asia Private Bank” in Southeast Asia.

Sustainability Frontrunner

BNP Paribas Group sits at the forefront of sustainable finance and works with its clients across its business sectors to factor sustainability into their returns.

This is as true for private banking clients in the region, from individuals to family offices, who are increasingly interested in sustainable and ESG (Environmental, Social and Governance) investing.

BNP Paribas Wealth Management clients can today invest in more than 30 products related to Socially Responsible Investing (SRI), allowing them to both seek profit and have a positive impact on the world. Its SRI products are spread across equities, funds, bonds and DPM.

“Private clients in Asia appreciate our tenacious pursuit of new sustainability opportunities. They are increasingly interested in factoring ESG metrics into their returns,” said Vrielinck.

Asian clients have the opportunity to attend an annual forum focused on sustainability in Singapore which draws hundreds of high-level participants from both the private and public sector.

BNP Paribas Group has won numerous sustainable finance awards including “World’s Best Bank for Sustainable Finance 2018” by Euromoney, “Best SRI Offering in Greater China” by WealthBriefingAsia, and “Sustainable Investment House of the Year 2018” by Asia Risk. The Bank has also appeared, for a fifth year running, on the list of the “Global 100 Most Sustainable Corporations,” published annually at the World Economic Forum opening in Davos.

Digital Transformation

To enhance client experience and improve operational efficiency, BNP Paribas Wealth Management collaborates with FinTech partners and invests heavily in digital innovations.

The Bank has established a human-centred design lab in Singapore to foster new and innovative banking solutions. In addition, it leverages technology to accelerate transformation efforts within the organisation.

“Technology is revolutionising the entire private banking industry and this will have a profound impact in the future. We are responding to clients’ demands to improve our technology infrastructure and agility,” said Vrielinck.

One example is myWealth, the Bank’s proprietary e-banking platform that allows clients to view past transactions, statements and equity research. The bank has invested in upgrades to make it more user friendly, fueling a 70% jump in the client usage rate over the past six months.

The Bank has applied lateral thinking to the digital challenge by onboarding talent from technology start-ups.

Its digital progress has not been overlooked. BNP Paribas Wealth Management has this year won awards for “Best Private Bank for Customer Facing Digital Capabilities in Southeast Asia” and “Best Innovative Client Solution” from WealthBriefingAsia.

BNP Paribas Wealth Management is an award-winning private bank providing wealth management solutions across Asia, with offices in China; Hong Kong, SAR, China; Singapore; India and Taiwan, China.

The private bank benefits from being part of a global universal lender, BNP Paribas Group, which has had an uninterrupted presence in Asia for nearly 160 years.

As one of the leading private banks in the region, it provides a full suite of products, services and opportunities spanning investment management, wealth planning and philanthropy.