BNP Paribas Details Plan to Expand U.S. Wealth Management
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BNP Paribas SA, France’s biggest bank, embarked on a five-year plan to expand services to affluent U.S. clients as the company looks to businesses beyond its core European market for growth.
The lender combined trust, brokerage and private-banking at its Bank of the West unit as it seeks to manage more money for wealthy people in the world’s largest economy, Sofia Merlo, co-head of wealth management at Paris-based BNP Paribas, said in an interview. The subsidiary manages about $10 billion, more than two-thirds in brokerage accounts, said John Bahnken, head of wealth management at the unit.