BNP Paribas, the French bank, has appointed a trio of senior executives for its Asian wealth management business.

BNP Paribas, the French bank, has appointed a trio of senior executives for its Asian wealth management business, following heavy turnover in its senior ranks in recent months. 

Andy Chai has joined BNP Paribas Wealth Management today as head of Hong Kong market. Chai will oversee the anchor market of BNP Paribas Wealth Management Asia in the newly-created role. He previously worked for various financial institutions including HSBC, China International Capital Corporation, Credit Suisse and Merrill Lynch.

Marie-Christine Cormier has joined as head of credit for Asia-Pacific, effective 1 January 2012. She will be based in Hong Kong.

Cormier is a veteran at the French lender. During her 30 years with the company, Marie-Christine has held various senior positions in the areas of credit and corporate banking. Most recently she was head of credit management, South East Asia.

Gerry Xie joined BNP Paribas Wealth Management on 30 November 2011 as head of wealth management China onshore market. Based in Shanghai, Gerry will lead the wealth management team of BNP Paribas China Ltd to tap into the burgeoning China market. Before joining BNP Paribas, Xie was head of Credit Suisse China onshore private banking. Prior to that Gerry was deputy branch manager of HSBC Shanghai Branch.

"Hong Kong is an anchor market for BNP Paribas Wealth Management Asia, while China is an enormous market with ample opportunities. These senior appointments, in addition to our earlier senior hires in the region, demonstrate our commitment to Asia and to our clients,” said Mignonne Cheng, chairman and chief executive of BNP Paribas Wealth Management Asia-Pacific.

After a spate of defections earlier in the year, the bank has been on the front foot to grow its Asia wealth business. Last month it announced a raft of senior hires, covered by this publication here.

A number of departures from the French bank over the last nine months are thought to have been triggered by a new organisational structure for its wealth management division in Asia-Pacific announced in January, headed by Cheng. Earlier this year, former Asia key clients head Claude Haberer left to head up Pictet Wealth Management Asia, while Serge Janowski, the former chief executive of wealth management of Hong Kong and North Asia at BNP Paribas, left to join Crédit Agricole Suisse as the CEO of its Hong Kong branch.

Meanwhile, Sharon Chou, who headed up credit and risk at BNP Paribas' private banking arm, also joined Pictet as head of wealth management for North Asia. Richard Mak, previously head of advisory at BNP Paribas Asia, now also works at Pictet in a similar capacity. He joined in August.

The managing director and head of the bank’s non resident Indian business in Hong Kong, Ananda Bhaumick, left BNP this summer. Eric Goh, former managing director and head of advisory at the French bank, also left in June this year to join JP Morgan Private Wealth Management as an executive director.

"The BNP defections are indicative of the current management style and the popularity of Claude Haberer. It is simply a case of pulling his best people over," said a Hong Kong-based industry source. He added that a few other more junior bankers had also moved to Pictet from BNP.

"These moves are part of the natural turnover of the bank," a source close to the bank told WealthBriefingAsia last month.  "The turnover rate for BNP Paribas Wealth Management has always been relatively lower than its peers. Due to intense competition in talent recruitment between private banks, the turnover rate of the whole industry increases in recent years but BNP Paribas' rate remains at a healthy level."