The Paris-headquartered bank cited data showing that a growing number of ultra-HNW individuals are based in the Nordic region. 

BNP Paribas said yesterday that it is making a “strategic entry” into the wealth management market for clients in the Nordic region, targeting ultra-high net worth individuals, entrepreneurs and family offices.

The French bank said it has appointed Stina Norrhede to head up the business, recruiting her from Sweden’s SEB, where she most recently served as head of “professional family office.”

The development blends BNP Paribas’ corporate and institutional banking franchise with its wealth management platform for clients such as entrepreneurs, sophisticated investors and family offices.

“The Nordic region has a unique and highly sophisticated ecosystem of wealth creation driven by a proven culture of innovation and entrepreneurship,” Eirik Winter, CEO of BNP Paribas Group in the Nordic region, said. “With a growing population of billionaires and UHNW individuals, there is increasing demand for specialised support for family-led businesses.”

According to figures from Knight Frank Wealth Report regarding billionaire and UHNW populations in the Nordic region, there are about 75 US dollar billionaires and 10,000 UHNW individuals. 

There have been adjustments in some parts of BNP Paribas’ business footprint. In June last year, CFM Indosuez, the Monaco entity of Indosuez Wealth Management, agreed to acquire the wealth management clients of the BNP Paribas subsidiary in Monaco. BNP Paribas has been building out its wealth arm in Germany as illustrated in its agreement to buy the German private bank of HSBC in 2024. As reported here, BNP Paribas said its wealth business, which sits within the "investment and protection services" (IPS) division, had assets under management of €2.59 trillion ($2.93 billion) in the mid-way point of the year, up 6 per cent rise from the end of 2025. Wealth management accounted for 21 per cent of the AuM total, or €543.4 billion.