ZEDRA confirms completion of the acquisition of BNP Paribas Singapore Trust Corporation
ZEDRA has confirmed in a press release that, following receipt of regulatory approval from the Monetary Authority of Singapore (MAS), it has completed its acquisition of BNP Paribas Singapore Trust Corporation.
BNP Paribas Singapore Trust Corporation, to be renamed Zedra Trustees (Singapore), serves the growing Asian ultra-high net worth and high net worth markets, with clients typically being families and entrepreneurs.
Ivo Hemelraad, CEO, ZEDRA, said: “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 already fast-growing Singapore office.”
Wendy Sim, Managing Director, Singapore, ZEDRA, said: “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 firm’s best-in-class private banking team and global reach.
Arnaud Tellier, CEO, Asia, BNP Paribas Wealth Management, 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.”
“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,” added Sim.
The deal will add to ZEDRA’s existing headcount of over 500 industry experts across 14 countries, spanning Asia, Oceania, the Americas and Europe. The acquisition will bring ZEDRA’s combined staff numbers in Singapore to 35, all located in a brand new, centrally located ZEDRA office.