BNP Paribas latest to grow in China
BNP Paribas's Asian private banking arm is gearing up for a big push into the fast-growing Chinese wealth management market and is planning to apply for an onshore private banking license in mainland China at the end of the year.
The bank is planning to hire client servicing and product specialist teams in Hong Kong, while expanding its recently launched operation in Shanghai, the Financial Times reports.
BNP Paribas continues the recent trend for private banking giants to invest heavily into their Asian operations. UBS, Citigroup and HSBC have recently completed a hiring spree designed to bolster their strong market positions.