BNP to move all IT services to Singapore

BNP to move all IT services to Singapore

 

SINGAPORE‘S standing as a major financial centre has won another vote of approval – this time from BNP Paribas Private Bank.

The French bank is consolidating in Singapore its information technology (IT) support services from various parts of the world. It aims to have 120 staff members in the Republic, mainly new hires, by next year.

 

Mr Michel Longhini, the head of BNP private banking Asia-Pacific, said a key reason Singapore was selected was that it was already a regional headquarters for private banking.

 

Other reasons include the country’s high level of infrastructure and strong talent pool.

 

He said the group had looked at other locations, including Europe and Northern Africa. Singapore, however, was the best option.

 

The private bank’s team will offer software development, support and maintenance for all of BNP’s private banking locations worldwide.

 

Asia is an important market to BNP, and the size of its Asian private banking business has trebled in the last five years. During this period, BNP’s Asian private banking business enjoyed a strong growth in assets of 25 per cent a year, with the value reaching US$30.3 billion (S$41.49 billion) last year.

 

Mr Longhini said the bank’s growth rate was higher than that of its competition in Asia, which had been growing by 15 per cent annually.

 

Currently, BNP Paribas Private Bank has nearly 650 staff members based in Asia spread out in Singapore, Hong Kong, Taiwan, mainland China and India. It recently entered into an alliance with Thai-owned Thanachart Securities to service high net-worth individuals in Thailand.

 

In line with an increased demand from its clients, BNP is also putting more resources into philanthropic services in Asia.

 

Mr Longhini said the bank had a specialist team dealing with the Asian charitable sector.

 

 

Source: Straits Times

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