The French lender will exit the domestic wealth management business in India but stressed that it remained committed to Asia.
The bank will exit the market «in order to focus on areas where its global footprint and diversified business strengths allow it to provide clients with more value-added services,» a spokesperson for the bank said.
BNP Paribas Wealth Management in the market has around $14.5 billion in assets under management (AUM), according to media reports in India. In the broader Asia Pacific region, the bank has $98.3 billion in AUMs, according to «Asian Private Banker».
Redeployment
The bank said that a number of role should be affected but that it was seeking redeployment opportunities for staff within the group. Existing onshore India clients will be transferred Sharekhan – a wholly-owned subsidiary – which will provide brokerage and investment services.
«This decision is unrelated to the current pandemic and has no impact on our continued wealth management growth strategy in Asia, which remains an important growth engine for our global franchise,» the bank added.
