Zedra has announced the acquisition of BNP Paribas Singapore Trust Corporation, subject to regulatory approval.
BNP Paribas Wealth Management’s trust business in Singapore serves the growing Asian ultra-high-net-worth and high-net-worth markets, with clients typically families and entrepreneurs.
Zedra CEO Ivo Hemelraad commented: “This latest deal will bring additional scale and expertise to our Singapore office. The Asian markets are very important for Zedra and globally represent one of the most productive sources of new high-quality clients.”
Arnaud Tellier, CEO of BNP Paribas Wealth Management Asia, said: “As a private bank in Asia, we remain committed to providing opportunities to our clients via our open architecture platform. We have offered our clients the best solutions for their trust needs, leveraging on this open architecture platform, and see the transfer of this business activity as beneficial for our clients."
BNP Paribas Wealth Management will work with Zedra as a preferred partner for trust services, while serving its clients' wealth management needs.
The acquisition, which follows deals across the Isle of Man, Switzerland and Nordic markets in 2019, will bring Zedra’s combined staff numbers in Singapore to 30.