Despite being the market leader for private banking in France, the division contributes just 5% of BNP Paribas’ overall net profit, a figure the lender wants to improve.
We have a team in charge of looking at opportunities, BNP Paribas Switzerland private banking head Patrick du Saint told the Reuters Wealth Management Summit. We are looking at external growth, he added.
The retail banking giant has made a number of acquisitions in the private banking sector recently, including the purchase last year of Dutch outfit Nachenius, Tjeenk and Co. However, it is keen to expand further, including breaking key geographical regions such as the UK and Germany.
In Germany, we are clearly weak. We cannot afford not to be there, Mr du Saint told the summit.
