BNP Paribas Wealth Management
While a number of foreign banks have focused on servicing the offshore needs of Taiwanese clients, an onshore presence is a distinct advantage and proved an important differentiator for the deserved winner of this year’s Asian Private Banker – Best Private Bank in Taiwan Award. A standout as a provider of excellent client service, BNP Paribas Wealth Management has had onshore operations in Taiwan since 2005 and is one of three private banks with an onshore presence in the country.
Leveraging over 30 years of experience as a corporate and investment bank in Taiwan, BNP Paribas Wealth Management has rapidly established an enviable private banking franchise in the country, with a presence in Taipei since 2005, Kaohsiung since 2007 and Taichung since 2008. Assets under management have grown at an impressive 20% to 25% per annum and as of October 2011, BNP Paribas Wealth Management in Taiwan was approaching US$600 million of assets under management from more than 500 active accounts. BNP Paribas Wealth Management also offers an expanded product suite to better reflect the priorities of its Taiwanese clients. Hence real estate, private equity, art advisory and a rather unique private jet financing business are all part of the bank’s offering in Taiwan.
Henry Pang, managing director and head of the Taiwan market at BNP Paribas Wealth Management, is optimistic regarding the potential for the private banking business in the country and BNP Paribas Wealth Management’s ability to continue to lead the way. “Despite the global concerns, our assets under management have grown at a good pace,” he says. “We plan to add to headcount this year to service the growing private banking business here.”