BNP Paribas Launches its Onshore Wealth Management Business in Thailand
- Leverages the comprehensive platform in Southeast Asia to service the high net worth individuals and families in Thailand
- Demonstrates its commitment to growing the wealth management capabilities in Asia
BNP Paribas Wealth Management today announced the launch of its wealth management business in Thailand. This strategic decision demonstrates its commitment to growing BNP Paribas’ Wealth Management capabilities in Asia by expanding its presence to important markets.
This new wealth management entity in Thailand will provide clients access to international capital markets by leveraging BNP Paribas’ comprehensive platform in Singapore. Clients in Thailand will be serviced by a team of experienced relationship managers to meet the fast-growing and increasingly sophisticated private wealth needs for offshore investment.
“BNP Paribas has been banking with entrepreneurs and families in Thailand since 1979. With the launch of enhanced wealth management capabilities, we are now able to offer a comprehensive array of solutions that allow us to better serve high net worth individuals and their families in Thailand.”
Arnaud Tellier, CEO, Asia, BNP Paribas Wealth Management
BNP Paribas Wealth Management has appointed Daniel Peter as the CEO of BNP Paribas Wealth Management Thailand, subject to regulatory approvals. Daniel has extensive experience in the Southeast Asia private banking industry. Prior to joining BNP Paribas, he was team leader of wealth management Thailand at Credit Suisse. Based in Bangkok, Daniel will lead the onshore team to deliver best-in-class wealth management services to clients.
“Capturing the significant opportunity arising from Asia’s fast-growing wealth creation is core to the BNP Paribas Wealth Management’s strategic priority. Our strength lies in our One Bank model, our robust in-house capabilities, and our extensive global networks that enable us to provide distinct and relevant wealth solutions. With Daniel’s appointment, we are well-positioned to meet the evolving wealth needs of our clients in Thailand and the rest of Southeast Asia,’ Tellier continued.
According to a report published by McKinsey in November 20221 , wealth management in Thailand is expected to grow strongly over the next five years, with assets under management growing about 10 percent per year. The latest Hurun Global Rich List2 published in March 2023, mentions Thailand as the billionaire capital of Southeast Asia, with 46 billionaires (worth at least USD$1 billion) in 2022, ranked 11th in the world. The rising wealth is driving greater demand for wealth planning, investment diversification and international banking.
BNP Paribas Wealth Management is the largest private bank in the Eurozone, and a leading private bank in Asia with operations in Hong Kong, Singapore, Taiwan and Thailand.
About BNP Paribas Wealth Management
BNP Paribas Wealth Management is a leading global private bank and the largest private bank in the Eurozone with more than €411 billion worth of assets under management as at December 2022. Present in three hubs in Europe, Asia and the Middle-East, it employs over 6,800 professionals who support High-Net-Worth and Ultra-High-NetWorth individuals in protecting, growing and passing on their assets. The bank aims at building a sustainable future by combining its deep expertise and reach with its clients’ influence and desire for impact.
About BNP Paribas
BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 65 countries and has nearly 190,000 employees, including nearly 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, and Eastern Europe. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group's performance and stability.
1 Future of banking in Thailand | McKinsey 2 Hurun Report - Info - JDYD LIQUOR · Hurun Global Rich List