Following receipt of regulatory approval from the Monetary Authority of Singapore, Zedra has completed its acquisition of BNP Paribas Singapore Trust Corporation, announced in January.
BNP Paribas Singapore Trust Corporation, which will be renamed Zedra Trustees (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: “Singapore is a core jurisdiction for Zedra, given the country’s reputation for its high-quality financial services sector, prudent supervision and resilient infrastructure. This latest deal will bring additional scale and expertise to our Singapore office.”
Wendy Sim, Managing Director Zedra Singapore, added: “In spite of the disruption caused by the Covid-19 pandemic, we are seeing an increase in enquires, in particular around succession planning.
"The situation has acted as a catalyst, prompting clients to review how their estates will be managed and assets passed on. Clients want to be reassured that existing structures are fit for purpose.”
BNP Paribas Wealth Management will work with Zedra as a preferred partner for trust services while continuing to provide clients with wealth management services.
Zedra now has 35 staff in Singapore, all located in a new, centrally located office.