ZEDRA group has announced another key acquisition, this time in Singapore. The Group will acquire BNP Paribas Singapore Trust, subject to regulatory approval.
The new acquisition follows on from deals across the Isle of Man, Switzerland and Nordic markets signed and announced in 2019.
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 being families and entrepreneurs, making this latest deal an ideal fit for the ZEDRA group.
Announcing the acquisition, Ivo Hemelraad, CEO of Zedra said: "This latest deal will bring additional scale and expertise to our already fast growing Singapore office. The Asian markets are very important for ZEDRA and globally continue to represent one of the most productive sources of new high quality clients. I am delighted to welcome the staff and clients of BNP Paribas Singapore Trust Corporation Limited to the ZEDRA group."
Arnaud Tellier, CEO of BNP Paribas Wealth Management Asia, said: "We are a leading Private Bank in Asia and remain committed to our core expertise in providing the best-in-class opportunities to our clients via our open architecture platform.
"We have over the years offered and advised our clients the best possible solutions for their trust needs leveraging on this open architecture platform and therefore see the transfer of this business activity being beneficial and in the interests of our clients".
BNP Paribas Wealth Management says it will work with ZEDRA as a preferred partner for trust services while continuing to accompany all of its clients on their wealth management journeys, leveraging the firm's best-in-class private banking platform and global reach.
Wendy Sim, managing director of Zedra Singapore, stated: "I am very excited to welcome the BNP Paribas Singapore Trust Corporation Limited clients and staff to Zedra.
"As Zedra Singapore continues to expand its network and service capabilities, we look forward to meeting and working closely with BNP Paribas and their clients to achieve their legacy and succession planning aspirations for their families and their businesses as they grow and develop here in Asia."
The deal will add to ZEDRA's existing headcount of over 550 industry experts across 13 countries, spanning Asia, Oceania, the Americas and Europe. The acquisition will bring Zedra's combined staff numbers in Singapore to 30.
Last year, ZEDRA announced a strategic partnership with Corsair Capital in which the private equity group is taking majority stake in the Group, a move planned to support ever more rapid growth for the ZEDRA brand.