BNP Paribas strengthens its private banking activity in the region; target to double its AUM within 3 years from $5 to $10 billion
December 14, 2005 (Press Release) --
BNP Paribas, number one banking group in the euro zone, announced plans to reinforce its presence in the GCC and the neighbouring markets, by strengthening its private banking and asset management services as part of a major Middle East foray.
Announcing this at a press conference today (14th December 2005) in Dubai, François Debiesse, Director of BNP Paribas Private Bank and Chairman of the Foundation BNP Paribas, said: “A series of private banking units have started operations in our already existing branches as we move our staff closer to the region in order to strengthen our activities. In the near future, this region will see more than 45 specialist staff offering asset management services to high net-worth individuals.”
Mr. Debiesse noted that the move forms part of an initiative to create proximity with local clients by providing dedicated private banking teams in each branch in the Middle East including Bahrain, Abu Dhabi, Dubai, Kuwait, Qatar, Saudi Arabia and Lebanon.
These specialists will be able to offer expert advice on offshore and onshore investment opportunities. The strategy of proximity to local markets has been the key reason for BNP Paribas to achieve international rankings including top positions in areas such as project finance, local capital markets, Islamic products and trade finance.
“Besides our Bahrain, Abu Dhabi, Dubai, and Doha branches in the Gulf, we have also launched private banking operations in Riyadh and Kuwait City,” said Jean-Jacques Santini, Head of International Retail Banking in Emerging Markets and Overseas added.
The bank aims to double its Assets Under Management (AUM) in private banking business from US$ 5 billion to US$ 10 billion within 3 years in the GCC region and Lebanon pointed out Mr. Debiesse. More than 10% of BNP Paribas private banking’ international off shore business is already generated from this region.
With the Arab countries estimated to earn more than $280 billion in 2005 in oil revenues alone, the need for private banking and offshore banking services for wealth management from high net worth individuals and institutions are set to increase in the region.
Being a globally recognised and multifaceted banking operator, BNP Paribas is better positioned to offer quality offshore and onshore banking services.
BNP Paribas’ expansion in the GCC region and Lebanon comes as part of its strategic expansion plan in the neighbouring region and Asia. The bank plans to have a total of 381 branches in the Mediterranean Basin and the Gulf region and 58 in China.
Total assets under management at BNP Paribas’ Asset Management and Services division, which includes Private Banking, reached AED1.8 trillion (414.6 billion euros) at the end of September 2005, up 22 percent from the year-earlier period. In terms of revenues, they rose 16% to 870 million euro for the third quarter of this year.
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BIZ COM - ‘For PRoactive Communications’
P.O. Box 48889, Dubai - UAE
Tel: +971 4 332-0888
Fax: +971 4 332-0999
Email: info@bizcom.ae
Announcing this at a press conference today (14th December 2005) in Dubai, François Debiesse, Director of BNP Paribas Private Bank and Chairman of the Foundation BNP Paribas, said: “A series of private banking units have started operations in our already existing branches as we move our staff closer to the region in order to strengthen our activities. In the near future, this region will see more than 45 specialist staff offering asset management services to high net-worth individuals.”
Mr. Debiesse noted that the move forms part of an initiative to create proximity with local clients by providing dedicated private banking teams in each branch in the Middle East including Bahrain, Abu Dhabi, Dubai, Kuwait, Qatar, Saudi Arabia and Lebanon.
These specialists will be able to offer expert advice on offshore and onshore investment opportunities. The strategy of proximity to local markets has been the key reason for BNP Paribas to achieve international rankings including top positions in areas such as project finance, local capital markets, Islamic products and trade finance.
“Besides our Bahrain, Abu Dhabi, Dubai, and Doha branches in the Gulf, we have also launched private banking operations in Riyadh and Kuwait City,” said Jean-Jacques Santini, Head of International Retail Banking in Emerging Markets and Overseas added.
The bank aims to double its Assets Under Management (AUM) in private banking business from US$ 5 billion to US$ 10 billion within 3 years in the GCC region and Lebanon pointed out Mr. Debiesse. More than 10% of BNP Paribas private banking’ international off shore business is already generated from this region.
With the Arab countries estimated to earn more than $280 billion in 2005 in oil revenues alone, the need for private banking and offshore banking services for wealth management from high net worth individuals and institutions are set to increase in the region.
Being a globally recognised and multifaceted banking operator, BNP Paribas is better positioned to offer quality offshore and onshore banking services.
BNP Paribas’ expansion in the GCC region and Lebanon comes as part of its strategic expansion plan in the neighbouring region and Asia. The bank plans to have a total of 381 branches in the Mediterranean Basin and the Gulf region and 58 in China.
Total assets under management at BNP Paribas’ Asset Management and Services division, which includes Private Banking, reached AED1.8 trillion (414.6 billion euros) at the end of September 2005, up 22 percent from the year-earlier period. In terms of revenues, they rose 16% to 870 million euro for the third quarter of this year.
-End-
BIZ COM - ‘For PRoactive Communications’
P.O. Box 48889, Dubai - UAE
Tel: +971 4 332-0888
Fax: +971 4 332-0999
Email: info@bizcom.ae
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