BNP Paribas expands China business
BNP Paribas wants to extend the influence of its Asia Private Banking Department into the fast-growing private banking market in China, FTchinese.com reports. It plans to have large-scale recruitment in Hong Kong and Shanghai to build up a team of customer services and product experts to develop the newly-launched Shanghai business.
Analysts think that such middle-sized banks as BNP Paribas, ING and Barclays may need to enter joint ventures with competitors to stay on the market. Whether BNP Paribas can successfully expand its business depends largely on if it can recruit and headhunt the top managers in Asia.
Director of BNP Paribas Asia Private Banking, Claude Harberer, states that the bank hopes to be benefited from its expertise in structural products as well as credits given to private banking accounts for customers to finance themselves in stock and commercial exchanges.
BNP Paribas plans to apply for private banking license in Mainland China. According to Mainland new regulations, foreign-owned banks can offer investment products to the accounts of Mainland private banks.