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BNP Paribas launches new Taiwan unit

BNP Paribas Private Bank yesterday officially launched its wealth management business in Taiwan, marking a significant milestone in its expansion drive into the rapidly growing Asian region.

"Taiwan is one of the most buoyant and innovative markets in Asia. It is important for any player in private banking," said Jean-Louis Tourne, head of wealth management at BNP Paribas Taiwan, at a press briefing in Taipei.

He said Taiwan ranks third in the region after only China and South Korea in providing the most opportunities in the wealth management segment, considering the fact that around 264,000 Taiwanese households have assets over US$250,000 each, and their accumulated assets top US$245 billion.

He estimated that less than 10 percent of Taiwan's high-net-worth individuals' assets have been handed over to professionals for management.

The bank aims to provide diversified products and build long-term, close contacts with clients in this niche market.

"The launch of the Taiwan team demonstrates the further commitment of BNP Paribas to the Asia market," said Alain Papiasse, head of asset management and services with BNP Paribas.

"We are one of the top players in Asia and we intend to consolidate and expand this position in other Asian countries," Papiasse said.

Eyeing the populous China and India, Papiasse said that the wealth-management company hopes to locate ideal partners in these two countries within one or two years and make his division one of the group's main growth drivers by 2007.
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