BNP Paribas Wealth Management has launched a new business in Southeast Asia to service high net worth individuals and families.  

BNP Paribas Wealth Management has launched its onshore wealth management business in Thailand, showing its commitment to grow its capabilities in Asia by expanding its presence there.

This new wealth management entity in Thailand will provide clients with access to international capital markets by leveraging BNP Paribas’ platform in Singapore, the firm said in a statement. Clients in Thailand will be serviced by a team of relationship managers in order to meet the fast-growing and increasingly sophisticated private wealth needs for offshore investment.

The firm appointed Daniel Peter as the CEO of BNP Paribas Wealth Management Thailand – subject to regulatory approval. Peter has experience in the Southeast Asia private banking industry. Prior to joining BNP Paribas, he was team leader of wealth management Thailand at Credit Suisse. Based in Bangkok, Peter will lead the onshore team of wealth management services for clients, the firm said.

Arnaud Tellier, CEO Asia, BNP Paribas Wealth Management, said: “BNP Paribas has been banking with entrepreneurs and families in Thailand since 1979. With the launch of enhanced wealth management capabilities, we are now able to offer a comprehensive array of solutions that allow us to better serve high net worth individuals and their families in Thailand.”

“Capturing the significant opportunity arising from Asia’s fast-growing wealth creation is core to the BNP Paribas Wealth Management’s strategic priority,” Tellier continued. 

According to a report published by McKinsey in November 20221, wealth management in Thailand is expected to grow strongly over the next five years, with assets under management growing by about 10 per cent per annum. The rising wealth is creating greater demand for wealth planning, investment diversification and international banking.

BNP Paribas Wealth Management is a global private bank with more than €411 billion ($449 billion) worth of assets under management, located in three hubs in Europe, Asia and the Middle-East; it supports high net worth and ultra-high net worth individuals.