French bank plans to hire 100 more staff for Asia, of which 80 will be S'pore-based
By SIOW LI SEN
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(SINGAPORE) Amid the gloomy headlines about impending job losses, BNP Paribas Wealth Management stands out with its plans to hire 100 more people next year for Asia, of which 80 will be based in Singapore.
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| A 'positive' effect of the financial crisis is that the bank is able to hire all it requires. - Serge Forti |
Of the 80, 30 new hires will be senior relationship managers while the bank will add another 50 people to its international IT hub, which was set up in June this year, said Serge Forti, chief executive for BNP Paribas Wealth Management, Asia Pacific.
Including some staff coming from Fortis, BNP Paribas Wealth Management headcount in Singapore should reach 500 next year from 350 now, he said yesterday at a press briefing.
The French bank agreed to buy over the Belgium portion of the Belgian-Dutch Fortis last month.
BNP Paribas is able to increase headcount when rivals are shedding, because its core businesses remain profitable, a result of stringent risk policy and a healthy business model, said Mr Forti.
A 'positive' effect of the financial crisis is that the bank is able to hire all it requires, he said.
For Q3 2008, the group posted a profit of 901 million euros (S$1.76 billion), 50 per cent lower from a year ago, and it 'was the only bank to have profits above 500 million euros,' noted Mr Forti.
The bank's strong fundamental standing is reflected in it having the lowest credit default swap spreads of between 60 and 70 points, compared with over 100 points for banking giant HSBC and 243 for Citigroup.
Its share price is the best performer year-to-date among large European banks.
The bank does not even have to use headhunters to hire additional staff as experienced private bankers from other organisations are knocking on its door, he said.
'BNP is a very attractive name for staff because it's so easy for them to sell to clients,' he said.
He has already the list of senior relationship managers picked out.
A senior relationship manager typically will have more than five years experience with US$200 million client assets.
'When you mention the name of Paribas, it's not difficult to get clients,' he said.
In Asia, new cash from existing and new clients is expected to reach US$5.5 billion for 2008, up an astounding 63 per cent from 2007's US$3.4 billion. By end October, new cash had already reached US$5 billion.
The industry average growth is about 10 per cent, he said.
Mr Forti said that in addition to getting new Asian clients, assets coming from Europe makes up about US$1 billion.
He is targeting new money of US$8 billion for 2009.
Total assets for Asia are about US$32 million.
For 2009, the bank's focus will continue to be high net worth individuals.
Business owners are the main source of clients - more than 50 per cent - for private banks in Asia.
The bank intends to work closely with independent financial advisers who manage private client assets.
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