BNP Paribas unveils new onshore wealth business in Thailand
The French bank joins HSBC, DBS and others in setting up a full-service wealth management offering in the stable southeast Asian country, with all transactions booked in nearby Singapore.
BNP Paribas has become the latest global financial institution to open an onshore wealth management business in Thailand.
The French financial firm, which has been present in the southeast Asian market since 1979, made the announcement on Tuesday. The business will make use of the unusual nature of Thailand’s capital restrictions.
BNPP will engage with wealthy clients – everyone from high net-worth individuals to family offices – onshore, but will book transactions offshore in Singapore, in currencies other than the baht.
Thailand is one of the few places in Asia with such an open and innovative framework
Arnaud Tellier, the Asia chief executive of BNP Paribas Wealth Management, told Euromoney the bank will offer “everything that we offer out of Singapore, including credit, with a few restrictions. We also offer wealth-planning solutions, beyond traditional investment services.”