A strategic review was behind the decision by BNP Paribas to shut its wealth management business in India.
A spokesperson said: “BNP Paribas Wealth Management has decided to exit its onshore wealth management business in India in order to focus on areas where its global footprint and diversified business strengths allow it to provide clients with more value-added services.
“This decision is unrelated to the current pandemic and has no impact on our continued wealth management growth strategy in Asia, which remains an important growth engine for our global franchise.”
Media sources in India report that BNPP WM has roughly 60 employees.
The spokesperson confirmed that “a number of roles will be affected”, but added that the company is “currently looking for redeployment opportunities within the group”.
Existing BNPP WM clients in India will be transferred to a wholly-owned subsidiary called Sharekhan, which will provide brokerage and investment services.
