BNP PARIBAS APPOINTS NEW HEAD OF WEALTH MANAGEMENT, INDIA
BNP Paribas Wealth Management today announced that Ravinder Singh has been appointed as Head of Wealth Management, India and Managing Director and CEO, BNP Paribas Wealth Management India Pvt. Ltd. Most recently, Mr Singh has led the front office team in India as Head of Sales since March 2016. He joined BNP Paribas Wealth Management in 2013 and brings more than two decades’ experience in the Indian wealth management industry to his new role.
Based in Mumbai, Mr Singh reports to Mr Samir Bimal, Head of Indian and International Markets who is located in Hong Kong, and to Ms Franciska Decuypere, Territory Head, BNP Paribas India.
In his new role, Mr Singh is responsible for the overall strategic direction and management of the Group’s wealth management division in order to further grow the franchise in India. BNP Paribas Wealth Management has retained its position as the top 5 wealth manager and the largest foreign bank in India by size of client assets in a recently released ranking1.
1 Source: Asian Private Banker 2018 India onshore AuM league table
Commenting on the appointment, Mumbai-based Ms Franciska Decuypere said, “BNP Paribas Wealth Management is an important contributor to our franchise in India. We are a significant player in Indian private banking and we have expanded our offerings and value proposition to become a wealth manager of choice for our clients.”
“Ravinder has been instrumental in developing our India onshore wealth management franchise,” added Mr Samir Bimal. “His understanding of the wealth management business, familiarity with the strengths of the BNP Paribas group and our target client pool will contribute significantly to our growth ambitions in India. I look forward to the business continuing to bring bespoke solutions to our clients and building our team in the territory.”
Andrew Achimu +852 2108 5457 email@example.com
About BNP Paribas Wealth Management (wealthmanagement.bnpparibas/Asia)
BNP Paribas Wealth Management is a leading global private bank and the largest private bank in the Eurozone. Present in three hubs in Europe, Asia and the US, over 7,000 professionals provide a private investor clientele with solutions for growing and transferring their wealth by creating long-term value for them, their family and the society in general. The bank has €377 billion worth of assets under management (as at 30 March 2019).
About BNP Paribas in Asia Pacific (www.apac.bnpparibas.com)
In Asia Pacific, BNP Paribas is one of the best-positioned international financial institutions with an uninterrupted presence since 1860. Currently with over 17,000 employees* and a presence in 13 markets, BNP Paribas provides corporates, institutional and private investors with product and service solutions tailored to their specific needs. It offers a wide range of financial services covering corporate & institutional banking, wealth management, asset management, insurance, as well as retail banking and consumer financing through strategic partnerships.
Worldwide, BNP Paribas has a presence in 73 countries with more than 196,000 employees. It has key positions in its three main activities: Domestic Markets and International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors. Asia Pacific is a key strategic region for BNP Paribas and it continues to develop its franchise in the region.
The Board of Directors of BNP Paribas met on 5 February 2019. The meeting was chaired by Jean Lemierre and the Board examined the Group’s results for the fourth quarter and endorsed the 2018 financial statements.
The first Annual General Meeting (AGM) of SBI Life as a listed company took place on September 27th 2018 and did review the robust results of the company. On that occasion, BNP Paribas Cardif confirmed its commitment to continue supporting in its development SBI Life, a company which was created 17 years ago in partnership with State Bank of India (SBI).
SBI Life held on September 27th 2018, its first Annual General Meeting as a listed company. On that occasion, BNP Paribas Cardif did note the great performance of SBI Life for the year ended March 31st 2018, fully confirmed by the trend of the 1st quarter of the 2018/2019 financial year. In FY17-18, SBI Life achieved a 31% growth on Individual Rated Premium (from Rs 59.4 billion in FY17 to Rs 77.9 billion in FY18) confirming its leadership position (1st rank in the private sector), such leadership position fully maintained as of August with a growth of 8,4% to Rs 26.2 billion (April-August 31, 2018). Overall on New Business Premium basis SBI Life registered a growth of 28.5% over same period previous year to Rs 44.6 billion, as of August 31, 2018.
SBI Life is the leading privately held life insurance company in India operating mainly through its 115,000 agents and SBI’s 22,000 bank branches. The company was created in 2001 through a long-term partnership between State Bank of India, India’s largest banking group, and BNP Paribas Cardif, the world leader in creditor insurance and a specialist in bancassurance partnerships.
In 2017, SBI Life launched a successful initial public offering on the Bombay Stock Exchange and the National Stock Exchange of India. This initial public offering was a major milestone in the history of SBI Life. It did demonstrate the ability of State Bank of India and of BNP Paribas Cardif to create value through their long term partnership as shareholders of SBI Life.
BNP Paribas Cardif confirms its strong willingness to continue to support SBI Life in its continuous development.
However, in order for SBI Life to achieve its 25% minimum public shareholding, which is a regulatory requirement in India, BNP Paribas Cardif may reduce its stake in SBI Life in the next quarters. No firm decision has been made regarding the size, timing or nature of such reduction in stake.
“We are fully confident in the strength of the bancassurance model in India and in the continuous success of SBI Life. BNP Paribas Cardif has been associated with SBI Life for the last 17 years and will continue in the future,” said Renaud Dumora, Chief Executive Officer of BNP Paribas Cardif.
About SBI Life
SBI Life is the leading private insurance company in India. The insurer was created in 2001 through a long-term partnership between State Bank of India, India’s largest banking group with more than 420 million clients, and BNP Paribas Cardif, the world leader in creditor insurance4 and a specialist in bancassurance partnerships.
SBI Life markets a complete portfolio of life insurance, retirement savings and personal protection products that meets the full range of insurance cover needs in the Indian market. With 15,000 employees, the company has steadily experienced very robust growth since its founding.
About BNP Paribas Cardif
World leader for creditor insurance, BNP Paribas Cardif plays an essential role in the lives of insured customers, providing them with savings and protection solutions that let them realize their goals while protecting themselves from unforeseen events. As a committed enterprise, BNP Paribas Cardif strives to have a positive impact on society and make insurance accessible to the largest possible number of people.
In a world shaped by the emergence of new uses and lifestyles, the company, a subsidiary of BNP Paribas, has a unique business model anchored in partnerships. It co-creates solutions with almost 500 partners distributors in a variety of sectors (banks and financial institutions, automotive companies, retailers, telecommunications companies, energy companies, Independent Financial Advisors and brokers…) who then market the products to their customers.
BNP Paribas Cardif is a recognized global specialist in personal insurance, serving 100 million clients in 35 countries with strong positions in three regions – Europe, Asia and Latin America. BNP Paribas Cardif also plays a major role in providing financing for the economy. With over 10,000 employees worldwide, BNP Paribas Cardif had gross written premiums of €29.7 billion in 2017.
BNP Paribas has signed an agreement with UNI Global Union on seven subjects relating to fundamental rights at work and the establishment of a global social framework.
The agreement, which applies to the 200,000 Group employees in 73 countries, will enable the Bank to further improve the quality of life and working conditions.
BNP Paribas signed today, at the premises of the OECD and in the presence of representatives of the French Ministry of Labour, an agreement on fundamental rights and the creation of a global social framework for labour rights with UNI Global Union, the international trade union federation for the service sector.
Through this agreement, BNP Paribas commits to consolidate fundamental rights at work and to create a global social framework for its 200,000 employees in 73 countries, on the following main topics:
Human rights, social dialogue and trade union rights, which reaffirms BNP Paribas’ commitment to meeting international standards and reinforces awareness and training mechanisms for employees.
Social and environmental responsibility, which underlines the Group’s ambition to contribute to more sustainable and better-shared growth, with the aim in particular of reaching by 2020 a total volume of 1 million paid solidarity hours at Group level, worldwide.
Employment management and skills, which is a reminder of the Group’s desire to accompany its employees in the context of changing skill requirements through its HR 2020 strategy, and to always favour solutions based on volunteering in the event of organisational change.
Gender equality, with particular attention paid to the reinforcement of gender diversity in certain trades that have historically been predominantly male or female.
Promotion of diversity and inclusion, to continue the deployment of the Group’s policies around the world, including the commitment to put in place at least one of the 10 commitments of the ILO Global Business and Disability Charter.
Prevention of and fight against moral and sexual harassment, which reaffirms the Group’s desire to prevent and combat all forms of harassment.
Health and quality of life at work, which establishes for all employees a maternity leave of at least 14 weeks, death insurance, incapacity/disability insurance and a health insurance plan.
Yves Martrenchar, Head of Group Human Resources, member of the Executive Committee of BNP Paribas, and signatory of the agreement, said: “This comprehensive and ambitious agreement confirms BNP Paribas’ international social commitment and its ambition to be an ever more responsible employer with regards to its employees. It will contribute to improving the quality of life and working conditions within BNP Paribas, while being a source of performance for the Group as a whole.”
Antoine Sire, Head of Corporate Engagement and member of the Group Executive Committee, added: “This agreement will enable many employees to contribute – as part of their work – to the efforts of associations for a more inclusive and sustainable world. It is a decisive contribution to BNP Paribas’ commitment to society.”
This agreement will be applied progressively over the next three years in all the entities of the 73 countries where the Group is present and will be regularly monitored by a dedicated committee.
It is part of the BNP Paribas 2020 Engagement Manifesto and UNI Global Union’s Breaking Through Strategic Plan, and confirms the Group’s commitment to the international Global Deal initiative, developed by Sweden and which France has joined, aiming to combine business performance and human rights development, with the support of trade union organisations and the International Labour Organization and the Organisation for Economic Cooperation and Development.
This text marks the culmination of an important preparatory work with the HR teams of the main BNP Paribas entities around the world and numerous meetings for discussion and negotiation with the social partners. The signing of this agreement is based in particular on the strong practice of social dialogue at European level within the Group, with three European agreements in force on employment, gender equality at the workplace and the prevention of stress.
About BNP Paribas
BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 73 countries, with more than 196,000 employees, including around 149,000 in Europe. The Group has key positions in its three main activities: Domestic Markets and International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors. The Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the European leader in consumer lending. BNP Paribas is rolling out its integrated retail-banking model in Mediterranean countries, in Turkey, in Eastern Europe and a large network in the western part of the United States. In its Corporate & Istitutional Banking and International Financial Services activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.
The Board of Directors of BNP Paribas met on 31 July 2018. The meeting was chaired by Jean Lemierre and the Board examined the Group’s results for the second quarter 2018 and endorsed the interim financial statements for the first half of the year.