Paris-based BNP Paribas SA plans to quadruple its German head count by adding about 150 staff over the next three years, Vincent Lecomte, co-head of the bank's wealth management business, told Bloomberg News.
The bank plans to increase assets under management in Germany to a figure in the "strong double-digit" billions of euros by 2022, from the current "single digit" figure, Lecomte said. He added that BNP Paribas is eyeing Germany's mittelstand, or medium-sized companies that are export-driven, as part of a drive to boost revenue by 8% a year in Germany to €2 billion by the end of 2020.
The lender is targeting clients with a net worth of at least €5 million, including the "mega wealthy" whose net worth is more than €100 million, Lecomte said. He noted that BNP Paribas is prioritizing organic growth in asset management.