BNP Paribas Private Bank, the private banking arm of French group BNP Paribas, announced this week that it was embarking on an "ambitious growth strategy" and would introduce an innovative range of products and services for clients. The bank said it wanted to "better meet the needs of the new breed of younger, better informed international private customers who require more personal advisory and innovation".
BNP Paribas, already one of the largest private banking groups, offers wealth management solutions and a range of products and services including investment funds and securities recommendations (stocks, bonds, warrants etc). It also specialises in advising on asset diversification. For customers wishing to diversify their investment portfolios, BNP Paribas Private Bank has, over the past 25 years, has provided financial consulting services and and advised on investing in art (Art Investment Consulting Services), choice property in the country (AgriFrance) and prime real estate in Paris and the French Riviera (BETI).
A statement from the bank said: 'BNP Paribas Private Bank's ambition is to consolidate its positions by capitalising on this advanced range of international products and services. It also plans to pursue its growth strategy, relying on its teams' capacity to originate new cash, the Group's business potential as well as investments in the field of technology (processing transactions, reporting, Web site) and, where appropriate, seize on growth opportunities through acquisitions (to expand our product and service offering or our organisation's reach geographically)'.
At the same time, BNP Paribas plans to enter the private banking sector in Belgium in April of May 2001. It must still, however, receive the green light from the Bank of France and the Belgian banking and finance commission (CBF). BNP Paribas already manages over 100 billion euros in the private banking sector across the world and employs over 2,000 people in private banking in thirty different countries. The new Belgian private banking initiative will employ about 20 people initially.
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