BNP Paribas Wealth Management has lost its China market head as Alfred Tsai is expected to join a boutique private bank.
He joined BNP Paribas as head of the China Market seven years ago and is the latest in a wave of senior managers movement in the Greater China markets.
“While we do not comment on staff movement, we would like to reiterate that our business plans and commitment to invest in the China market, as well as Greater China and the broader Asia Pacific region, remain intact,” a spokesperson for the bank told specialised media outlet Asian Private Banker.
Tsai (pictured) held various senior management positions at investment banks and private banks before joining BNP Paribas. These include Citibank, UBS, Credit Suisse, Merrill Lynch and Julius Baer.
However, this is not the only major loss for the French-based bank. BNP Paribas has lost one of its top investment bankers serving clients in the UK, where it is hoping to take advantage of disruption from Brexit.
Guy Marks, head of equity capital markets for the UK and Ireland, has left, according to people familiar with the matter. It is not known if he will be directly replaced, according to Financial News.
He departs with the French bank in the midst of a three-year plan to become one of Europe’s top-three investment banks by adding 350 clients to the 1,700 it already serves.
This includes an aggressive expansion in London, where international rivals are weighing their options ahead of the UK’s departure from the European Union.