External Wealth Managers: a strategic pillar for BNP Paribas in Switzerland
They explain why BNP Paribas in Switzerland has decided to make the External Wealth Managers & Multi Family Offices segment a key driver of its 2022-2025 development plan and how the Bank is meeting its clients’ increasingly sophisticated needs.
How does BNP Paribas intend to stand out from the crowd in the highly competitive world of external wealth managers, where every bank is seeking to gain market share?
Beat Bachmann : The External Wealth Managers & Multi Family Offices market is a pillar of our 2022-2025 strategic plan. We will continue to expand our teams of specialists across three sites: Geneva, Zurich and Lugano. We will also continue to invest in our IT platform to provide our clients with the best possible support. Meeting end clients’ every need will remain a priority, for example by tapping into the strengths of our Group and some of the high-end services we offer. Lastly, we will need to pay close attention to staying competitive at a time when margins are lower than in the B2C segment.
What would you say are the strengths of BNP Paribas Wealth Management in the External Wealth Managers segment?
Christophe Cantala : The first strength is our financing capacity. Many banks extend credit to their clients, but few are able to offer such a wide array of solutions as BNP Paribas. As well as standard Lombard loans, we offer “single stock” financing and financing on certain unlisted securities. We are also unusual in offering property loans (residential and commercial) in Switzerland, France, Germany, the UK and Monaco, and helping our clients with jet and yacht financing.
The second, highly distinctive, strength we have is access to our Forex Prime Brokerage platform. The result of a partnership with our Investment Bank in London, this allows our professional clients to benefit from direct access to 13 liquidity providers. This enables them to offer sophisticated clients the ideal brokerage portal as well as competitive pricing. Lastly, direct access to our Trading Desk, our multi-settlement service for structured products and the ability to access all of our Bank’s other business lines (such as insurance from the Cardif Group, Asset Management and the associated fund range, and the Investment Bank) allow us to meet most of the needs of External Wealth Managers and their clients.
« Our 'boutique' approach combining flexibility and agility with a platform offering access to the Group’s entire range of products and services is powerful and highly valued.»
Is BNP Paribas Wealth Management in Switzerland, like the Group as a whole, highly active in the field of responsible investing?
Christophe Cantala : Responsible investing has a very important role to play at BNP Paribas: we are determined to become the EU’s leading bank, and one of the world’s leading banks, for sustainable finance. With this in mind, BNP Paribas has developed a dedicated service for our External Wealth Managers & Multi Family Offices in recent years. This has meant devising adaptable solutions built around multiple modules, from sending information to analysing portfolios from a responsible perspective and improving them with the help of our internal “MyImpact” tool. Our clients are increasingly taking an interest in ESG/SRI matters and we firmly believe that our services meet their needs.
To conclude, what message would you like to send to External Wealth Managers and Multi Family Offices?
Beat Bachmann : The Private Banking industry in the broad sense is undergoing profound changes that echo wider societal shifts; clients’ expectations are changing, along with their interests. This development justifies incorporating External Wealth Managers into our strategy as a complementary pillar alongside the B2C market.
In this context, our 'boutique' approach is highly valued by our clients. We add value, which is why the External Wealth Managers & Multi Family Offices market plays an important role in our bank’s strategic orientation.
Interview edited by Sphere Magazine