BNP Paribas announces a new organizational structure for its Wealth Management division in Asia Pacific. The bank has decided to focus on areas with the greatest market potential and the six key markets identified in the Asia Pacific region are Hong Kong, China, Taiwan, India, Singapore (including Malaysia and Indonesia) and International & Other Asian Markets. This new organizational structure will expedite decision-making process and enhance service capabilities. In addition, a dedicated Ultra High Net-Worth Individuals (UHNWI) unit will be set up in Asia Pacific to further strengthen the bank’s commitment to serve these clients.
A Market Head is appointed for each respective market under the new organisational structure:
- Head of Wealth Management Hong Kong: Serge Janowski
- Head of Wealth Management China: To be nominated (Mignonne Cheng will be the acting head for the time being)
- Head of Wealth Management Taiwan: Henry Pang
- Head of Wealth Management India & Non-Resident Indian: Stephane Honig
- Head of Wealth Management Singapore, Indonesia and Malaysia: Serge Forti
- Head of Wealth Management International & Other Asian Markets*: Eric Morin
* Including Korea, the Philippines, Thailand
In addition, Serge Janowski** and Serge Forti will be the CEOs for BNP Paribas Wealth Management Hong Kong Branch and BNP Paribas Wealth Management Singapore Branch respectively.
** Subject to regulatory consent
The appointment details for the UHNWI unit will be announced at a later stage. In the meantime, Mignonne Cheng, who will retain her responsibilities as Chairman and Chief Executive Officer for Wealth Management Asia Pacific, will also take up the responsibility as Head of UHNWI & Independent Wealth Managers for Asia Pacific.
Furthermore, Ernest Leung is appointed Head of Strategy & Business Development for Wealth Management Asia Pacific and will be working in collaboration with the Market Heads to develop and monitor business initiatives.
Stephanie Lair will continue her current role as Head of Products & Services for Wealth Management Asia Pacific with an expanded scope for Wealth Planning Services Asia and Trust & Fiduciary Services Asia.
Sharon Chou and Ricardo Sanchez-Moreno will continue their current roles as Head of Credit and Risk Management for Wealth Management Asia Pacific and Chief Operating Officer for Wealth Management Asia Pacific respectively.
All market heads and function heads will report regionally to Mignonne Cheng. Function Heads will also report to their respective Global Heads.
Thierry Dana, currently CEO for BNP Paribas Wealth Management Hong Kong & North Asia, will join the management team of the Wealth Management International Europe in Geneva, reporting to Pascal Boris, Head of BNP Paribas Wealth Management International Europe and Country Manager for Switzerland. Details of his position will be announced shortly.
All of the above appointments will take immediate effect.
Commenting on the new structure and appointments, Mignonne Cheng said, “the wealth management business is a people business. Infusing these elements into our existing system means fresh DNA and a boost of new ideas and insight on our business. With a new structure and a stronger team, our client-servicing capabilities will be further enhanced, enabling us to achieve our ambitions for Wealth Management in the Asia Pacific.
About BNP Paribas Wealth Management
As the leading private bank in the euro zone and the 6th largest private bank in the world, BNP Paribas Wealth Management (www.wealthmanagement.bnpparibas.com)is present in nearly 30 countries and manages EUR 257 billion of asset at the end of December 2010. More than 6,500 wealth management professionals based in every major financial centre offer its clientele of private investors a wide range solutions for optimising and managing their assets.
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is one of the six strongest banks in the world* and the largest bank in the eurozone by deposits. With a presence in more than 80 countries and more than 200,000 employees, including 160,000 in Europe, BNP Paribas is a leading European provider of financial services on a worldwide scale. It ranks highly in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment Banking. In Retail Banking, the Group has four domestic markets: Belgium, France, Italy and Luxembourg. BNP Paribas is rolling out its integrated model across the Europe-Mediterranean zone and boasts a large network in the United States. BNP Paribas Personal Finance is the leader in consumer lending in Europe. In its Corporate & Investment Banking and Investment Solutions activities, BNP Paribas also enjoys top positions in Europe and solid and fast-growing businesses in Asia Pacific.
* Rated AA by Standard & Poor’s i.e. 3rd rating on a scale of 22.
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