One of the co-heads of BNP Paribas' wealth management operation has reiterated the key importance of Asia to its plans, at a time when a French rival is reportedly looking to sell its Asia private bank.

It may be the case that Societe Generale is planning to sell its Asian private banking operation – although the bank has not yet commented on such speculation – but as far as its chief French rival is concerned, Asia is a big part of its plans.

When this publication recently met executives in the Paris offices of BNP Paribas’s wealth management operations, there was little room for doubt.

"Asia is a top priority for wealth management and a top priority for the group. According to last BCG [Boston Consulting Group] survey, Asian assets are expected to increase more than 11 per cent a year in the next three years," said Vincente Lecomte, co-chief executive of BNP Paribas’s wealth management arm. (He runs it with his colleague Sofia Merlo).

He spoke to journalists shortly before the Paris-listed bank unveiled the annual winners of its philanthropy prize, an event that the bank has held for the past six years to focus attention on this line of its business. (To view details of the awards, see here.)

BNP Paribas likes to stress how it has an important foothold in North America (with its Bank of The West business, for example), Europe (a natural market) and Asia. With a total of €272 billion ($368.7 billion) of client assets worldwide, it is one of the global big hitters in a space where size (and associated economies of scale) count for a lot in a world of rising costs.

In recent weeks and months, a number of firms, such as Barclays and HSBC, have announced they are trimming some of their networks, rationalising the number of places in which they do business and cutting booking centres. Lecomte understandably declined to discuss the financial decisions of his rivals, such as SocGen, but he pointed out the importance of places such as Asia as growth areas in wealth management.

"While markets have been quite shaky, China GDP is expected to grow by around 7.5 per cent this year...we clearly see that Asian clients are still very much looking for yield,” he said.

Asked about other firms' reduction in booking centres, restructuring and cost issues, Lecomte's colleague, Sofia Merlo, co-CEO of BNP Paribas Wealth Management, pointed out that the firm has exited businesses in Hungary, Egypt and Portugal where it was felt right for the group to do so.

Societe Generale is reportedly looking to sell its Asian private bank and JP Morgan is advising on the sale. According to Reuters, Standard Chartered, DBS Group and HSBC have put in first-round bids for Societe Generale's Asian private bank valued at $600 million.

Family offices

BNP Paribas’ Lecomte said, when asked about family offices, that BNP Paribas is enhancing its services such clients, both single and multi family offices. An important area here is for the bank working with family offices through the corporate and investment banking (CIB) arm, he said.

Merlo, meanwhile, added that Italy is still a growth market for BNP, while there is double-digit revenue growth in Turkey and US.