BNP Paribas will create a wealth management operation in Thailand to expand its presence in Asian markets, according to Reuters.
The wealth management unit will provide clients access to international capital markets by using BNP Paribas’ platform in Singapore.
BNP Paribas has named Daniel Peter as chief executive of the wealth management division in Thailand.
Prior to joining BNP Paribas, he was team leader of wealth management Thailand at Credit Suisse. He will be based in Bangkok.
Arnaud Tellier, chief executive of Asia for BNP Paribas Wealth Management, said: “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.”
Thailand push
Asset management Schroders has been very active in the Thai wealth market over the last few years. In 2021, Schroders Singapore and Thailand-based Robowealth agreed a strategic partnership to launch wealth tech products, services and educational content for Thai retail investors.
Then, in 2022, Schroders teamed up with Bangkok-based Krungsri Asset Management to unveil a private equity fund for ultra-high net worth individuals, and also launched a multi-asset portfolio in partnership with Robowealth.
Also, in 2022, the subsidiaries of Singapore-headquartered United Overseas Bank (UOB) agreed to acquire Citigroup’s consumer banking businesses in Indonesia, Malaysia, Thailand and Vietnam. The operations included wealth management.
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