BNP Paribas Wealth Management
By cultivating lasting relationships during its four decades in the Gulf, BNP Paribas has developed a strong Wealth Management offering in the region, providing clients with a blend of strong local market knowledge and global reach and expertise.
With the region s economy developing rapidly in the 1990s, Wealth Management began to take on increasing importance for the Bank s clients. Much of the early interest from the region was in real estate, as the Gulf s wealthiest clients branched out into investment in commercial and residential property abroad. However, in recent years, clients have diversified across the full range of solutions, drawing upon the Bank s global resources.
The Wealth Management division in the Gulf received a significant boost in 2005, when an internal organisational change led to the establishment of a new Wealth Management business line globally and ultimately to the establishment of a dedicated presence in the region.
The first step in this process was through co-operation between the Wealth Management business line and the Bank s International Retail Banking Emerging Markets division. The initiative led to the establishment of a BNP Paribas Suisse representative office in Dubai in 2006. This enabled the Bank to better serve its clients in the region through the development of a range of corporate, investment banking and asset management solutions, whether their interests were local or international.
Evolving client needs and requirements were the primary driver of the afore mentionned change. Clients that, at the time, were focused on corporate advisory services by the Corporate & Investment Banking division, over time developed additional requirements including private equity co-investment opportunities, access to private corporate debt, real estate investment, mergers and acquisitions opportunities, direct access to fixed income, commodity and equity dealing rooms, and custody services, that the Wealth Management team was able to serve.
The Bank s approach has always been to ensure that all relationships are long-term and have the scope to become multi-dimensional. Local businesses in the Gulf may first take advantage of transactional banking services and trade finance, and then choose BNP Paribas to provide advisory services when the time comes to raising growth capital. In parallel, family members may also turn to the Bank when it comes to managing personal assets.
In recent years, the Bank has stepped up its Gulf Wealth Management operations by setting up a subsidiary in 2011, BNP Paribas Wealth Management (DIFC) Ltd, based in the Dubai International Finance Centre (DIFC), UAE.
THE CENTRAL BANK OF BAHRAIN (CBB) GRANTED A LICENCE
TO BNP PARIBAS TO ESTABLISH A FUND MANAGEMENT FIRM IN THE
KINGDOM OF BAHRAIN. BNP PARIBAS ASSET MANAGEMENT BSC
(UNDER OWNED SUBSIDIARY OF EUROPE-BASED BNP PARIBAS ASSET
MANAGEMENT), MAY 2008 (BAHRAIN TRIBUNE)
99B N P PA R I B A S I N T H E G U L F S TAT E S A N D I T S C O N T R I B U T I O N T O T H E E C O N O M Y O F T H E R E G I O N