BNP Paribas intends to develop its wealth management footprint in the US, according to a recent interview.

BNP Paribas, the Paris-listed banking group, has ambitions to grow its business in the US and spread beyond the European core of a business that currently makes up about 70 per cent of its assets, according to a Bloomberg interview.

France’s largest banking and financial services group has started on a five-year plan to expand services to affluent US clients.

The firm combined trust, brokerage and private-banking at its Bank of the West unit; it seeks to develop its business in the US, Sofia Merlo, co- head of wealth management at BNP Paribas, was quoted by the news service as saying. The unit manages about $10 billion, more than two-thirds in brokerage accounts, said John Bahnken, head of wealth management at the unit.

The French bank did not comment about its interview when contacted by WealthBriefing; this publication has interviewed the firm several months ago about its global ambitions and strategy, however. To view that article, click here.

BNP Paribas opened its West coast flagship office in San Francisco’s financial district on 5 September.

The company’s US plans are part of a broader strategy to expand in smaller markets such as Turkey, Poland and Morocco, where it also has large retail branch networks. The Middle East, Asia and Italy also will see growth, Merlo was quoted as saying.

BNP Paribas’s wealth-management business had €244 billion ($314 billion) in assets under management in 2011 and the unit is active in 30 countries, with 6,100 employees, according to the bank’s annual report. Assets under management climbed to 258 billion euros through June, Merlo said.