BNP Paribas Wealth Management has gained a competitive edge with its unique footprint and investment expertise.
Wealth management has become an increasingly important part of the banking industry as lenders seek to expand their offerings and meet the evolving needs of their clients.
It involves providing tailored financial advice and investment solutions to high-net-worth individuals and families, and often consists of a range of services including asset management, financial and estate planning.
For banks, wealth management can be profitable, with high fees and commissions, and can also help diversify revenue streams. In addition, strategic geographical expansion can play a crucial role in wealth management as lenders seek to tap into growing markets and reach new clients.
BNP Paribas Wealth Management has differentiated itself from its competitors by implementing an integrated model that leverages the extensive global capabilities of the BNP Paribas Group. This model comprises a well-conceived footprint, exceptional investment expertise, advanced credit capabilities and proficiency in socially responsible investment (SRI).
The bank boasts an extensive presence across the Gulf, and offers industry-leading investment expertise in advisory and discretionary portfolio management, alternative and responsible investments, wealth planning, and investment solutions.
Significant credit
BNP Paribas’ credit capabilities are noteworthy, as demonstrated by its significant credit envelopes that enable the lender to cater to the credit requirements of its clients. Furthermore, the bank’s experience in SRI enables it to support clients in their efforts to make a positive impact.
BNP Paribas aims to become the reference bank for entrepreneurs and families, and has made several efforts to meet this ambition.
In 2017, the bank revamped its strategy to accelerate the development of the Middle East and Africa (MEA) region. As a consequence, its assets under management (AUM) have doubled since 2018.
Furthermore, BNP Paribas has defined its key strategic priorities in the 2022-25 plan by specifically focusing on the wealthiest clients in the UAE and Saudi Arabia.
Prioritising the customer
BNP Paribas Wealth Management prioritises its clients and community by bolstering its digital capabilities, facilitating intimate client relationships, and enabling access to a global array of products and expert advisers. Despite the challenges presented by the Covid-19 pandemic and prevailing market conditions, BNP Paribas Wealth Management has seen robust financial and commercial success in the past three years, with increasing client trust and satisfaction.
As a result, the bank’s balance sheet is robust, with EUR461bn ($509bn) in liquidity reserves and a common equity tier 1 (CET1) ratio of 12.2 per cent as of December 2022. In the future, it aims to build closer relationships with clients in priority markets by providing global access to the best products and engaging with the community.
Innovative services
BNP Paribas’ diverse range of services, including private and alternative investments, discretionary portfolio management and strategic asset allocation, have garnered market recognition. In addition, its digital transformation efforts have resulted in the development of creative solutions such as digital platform myWealth, powerful decision-making tool Strategic-A and discretionary management service myMandate.
The bank’s continued success can be attributed to the robustness and pertinence of BNP Paribas Wealth Management’s value proposition, as evidenced by the bank’s strong financial and commercial performance, market recognition and high levels of client support and satisfaction.
BNP Paribas has been recognised as the winner of the Mena Private Bank of the Year category at the Mena Banking Excellence Awards 2023.