Geneva-headquartered Zedra Group has agreed to buy BNP Paribas Singapore Trust Corporation, subject to regulatory approval.
The trust business serves the Asian ultra-high and high net worth markets, with clients typically being families and entrepreneurs.
BNP Paribas Wealth Management will work with Zedra as a preferred partner for trust services, but it will continue its wealth management offering.
This acquisition comes more than a year after private equity firm Corsair Capital agreed to take a majority stake in Zedra.
Increase operation
Ivo Hemelraad, chief executive of Zedra, said: “This latest deal will bring additional scale and expertise to our already fast growing Singapore office.
“The Asian markets are very important for Zedra and globally continue to represent one of the most productive sources of new high quality clients.”
The deal will add to Zedra’s existing headcount of over 550 across 13 countries, spanning Asia, Oceania, the Americas and Europe.
It brings Zedra’s combined staff numbers in Singapore to 30.
The financial terms of the deal were not disclosed.
