French banking group BNP Paribas has announced the launch of a new growth strategy in the private banking and wealth management market in Italy.
The company has launched a ‘Private Banking and Wealth Management Division’ to offer enhanced products and services, leveraging the company’s experience in corporate and institutional banking.
BNP Paribas Wealth Management co-CEO Sofia Merlo said: “To benefit from the expansion of the Italian market, where our assets under management have grown 60% between 2012 and 2019, we want to accelerate our growth in Wealth Management and Private Banking across all regions – and in particular in the North of Italy.”
The Private Banking and Wealth Management Division will hire experts and private bankers
According to the banking company, Italy is a crucial market with the largest concentration of companies in the OECD countries of Europe.
As part of the growth strategy, Elena Goitini has been appointed as head of the BNL-BNP Paribas Private Banking & Wealth Management in Italy. Goitini has 25 years of international experience in the financial sector.
In addition, the group intends to hire experts and private bankers to support the new growth strategy division in Italy.
The new Private Banking and Wealth Management Division is aimed at strengthening the wealth management position of the group.
The new division is expected to execute specialised products and services offering with new custom-made solutions, strengthen business model based on value propositions for each segment, expand advanced digital services, and provide a more efficient operating model.
BNL-BNP Paribas Private Banking said that it currently manages assets worth approximately €33bn ($36bn) through 335 private bankers from 100 major economic-financial centres, with dedicated centres and head offices.
BNP Paribas Group head and BNL CEO and general manager Andrea Munari said: “Elena Goitini’s strong expertise and in-depth knowledge of the Italian market will enable us to take our Business Development Plan forward, to further develop the clientele and support the ambitious strategic plan of Private Banking and Wealth Management in Italy.”
