BNP expects to be among top five private banks in Asia in 3-5 years

BNP Paribas expects to be among the top five private banks in the Asia-Pacific in three to five years, spurred mainly by organic growth, said a top executive on Wednesday.

This comes even as the bank expects another wave of consolidation in the private banking space globally, said Vincent Lecomte, co-CEO of BNP Paribas Wealth Management.

He told the media in Singapore that BNP's wealth management segment in the Asia-Pacific has doubled its net assets over four years. Assets under management at its Asian private banking unit stood at US$74 billion.

"Our goal is to grow faster than the market," said Mr Lecomte, but added that the bank will focus on organic growth.