ZEDRA confirms, following receipt of regulatory approval from the Monetary Authority of Singapore (MAS), that it has completed its acquisition of BNP Paribas Singapore Trust Corporation Limited, first announced in January of this year.
BNP Paribas Singapore Trust Corporation Limited, to be renamed Zedra Trustees (Singapore) Limited serves the growing Asian ultra-high net worth and high net worth markets, with clients typically being families and entrepreneurs.
Commenting on the acquisition, Ivo Hemelraad, CEO of ZEDRA said: Singapore is a core jurisdiction for ZEDRA given the countrys reputation for its high quality financial services sector, prudent supervision and resilient infrastructure. This latest deal will bring additional scale and expertise to our already fast growing Singapore office.
Wendy Sim, Managing Director ZEDRA Singapore explains: 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 render its clients wealth management services, leveraging the firms best-in-class private banking team and global reach.
Arnaud Tellier, CEO of BNP Paribas Wealth Management Asia, said: We are committed to providing our clients with best-in-class opportunities; with an open architecture platform we continue to present solutions tailor made to each client and these include wealth planning strategies. We recognise that the wealth ambitions of our clients are as unique as their individualities and we continue to build on the future of our platform focusing on aligning investment objectives with solutions to Sustainability and ESG values.
Wendy Sim ends, Our strengthened trust proposition will be an important asset going forward, as we continue to grow both our local Asian business, but also support European clients who may seek a Singaporean aspect to their trusts and structuring solutions.
The deal will add to ZEDRAs existing headcount of over 500* industry experts across 14 countries, spanning Asia, Oceania, the Americas and Europe. The acquisition will bring ZEDRAs combined staff numbers in Singapore to 35, all located in a brand new, centrally located ZEDRA office.
About ZEDRA and BNP Paribas Wealth Management
Please visit https://www.zedra.com/boilerplate/
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