BNP Paribas Wealth Management operates across 17 countries, serving a client base of entrepreneurs, family offices and high net-worth individuals.
Assets under management stood at €415 billion by the end of 2023, bolstered by over €17 billion of net asset inflows last year.
In March, Euromoney published the findings of a diverse panel of industry experts that we assemble each year for our private banking awards. When it came to western Europe they were in no doubt.
“BNP Paribas Wealth Management is an international key player able to serve a large range of clients, developing high-quality services and leveraging on its universal bank DNA,” the judges said.
The bank’s financial results bear our judges out. When BNP Paribas announced its 2023 numbers, it was able to point to an especially impressive contribution from the wealth management business that reports inside the group’s investment and protection services division. Wealth management revenues rose by 6% in 2023. That’s almost double the overall group result, which saw revenues up 3.3%.
“For the full year, BNP Paribas Wealth Management achieved significant growth driven by net new cash inflows and a strong performance,” noted Vincent Lecomte, chief executive of BNP Paribas Wealth Management, who pointed to a “strong increase in revenues in a favourable interest rate environment; good net asset inflows (+€17.1 billion) in all geographies; growth momentum in assets under management reaching €415 billion (+5% year on year) supported by new client acquisitions and further development of existing relationships.”
He pointed out that the bank’s integrated and international model, along with its one bank approach, allows his business to take advantage of the full range of capabilities across the BNP Paribas group. “We will continue to draw on the expertise of our wealth management teams in areas such as investment, credit solution and wealth planning and to take advantage of the potential of global markets to provide exclusive, tailor-made solutions for our entrepreneur clients.”
In Europe, the private banking business is promoted by BNP Paribas’ retail banking networks, which bring it commanding market shares of wealth management in France and Belgium of 25%, as well as a strong position in Italy.
In a year of persistent inflation and rising rates, the firm was well positioned to support clients in the next tier up from mass-affluent manage their savings, with expert advice to encourage a shift of deposits into other assets.
In 2023, it also strengthened its coverage of entrepreneur and family clients, particularly in France, Germany, northern Italy and the Netherlands, drawing on all of the overall group’s capabilities, including its corporate and institutional bank, asset management division and real estate banking.
For the full year, BNP Paribas Wealth Management achieved significant growth driven by net new cash inflows and a strong performance
Vincent Lecomte
This approach allows wealthy individual clients access to the specialized platforms of BNPP’s global markets business and a range of exclusive and tailor-made solutions usually reserved for institutional investors. BNP Paribas Wealth Management grew entrepreneur and family office clients by over 14% last year.
That gives the business a diverse and stable client mix, with roughly 43% of clients having below €5 million and 57% having above that volume of investable assets. In 2023, fees were sustained through increased client transactions and the offering of structured products.
For many years, sustainable investment and responsible innovation have been at the heart of the bank’s business culture. It continues to respond to the emerging interest among wealthy individuals to combine investment for financial performance with a social and environmental dimension.
