Next generation of wealth holders want efficient banking ties: BNP Paribas

Singapore

WITH Asia primed to undergo a significant wealth transfer over the next decade, competition among banks to serve the region's ultra-rich families looks to intensify, with the next generation of wealth holders expected to further consolidate their banking relationships.

Unlike their parents, "next gens" engage with banks differently and expect to work with only four to six banks, down from an average of eight, fresh data from BNP Paribas' wealth report showed on Thursday.

The average family-led firm in the study uses three private banks, one investment bank, three commercial banks and one universal bank.

But as the next generation assumes greater control, there will potentially be "substantial …

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