BNP Paribas on track for growth in Asia-Pacific
French bank is growing its wealth management business, aiming for a healthy share of the covered-bonds market
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Singapore
BNP Paribas is on track to grow its revenue in Asia-Pacific to three billion euros (S$4.5 billion) by 2016 - up from two billion euros at the end of 2013 - as it grows its wealth management business and aims for a healthy share of the covered-bonds market here, a senior executive said in an interview.
This is in spite of a one-year suspension of US dollar clearing services for BNP Paribas for its oil-and-gas and commodity financing transactions booked, which affected activities at its Singapore branch. The ban, which began from Jan 1 this year, was a penalty slapped onto the bank by US regulators that was in addition to a US$9 billion settlement charge over violations of US economic sanctions.
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