BNP Paribas decides to shut down onshore wealth management business

French banking major BNP Paribas has decided to shut down its onshore wealth management business having assets under management of $14.5 billion, officials said on Tuesday.
 

The entity said the move is driven by strategic reasons, wherein it wants to focus on businesses like corporate and institutional banking, and cannot be linked to the Covid-19 crisis. “BNP Paribas Wealth Management has decided to exit its onshore wealth management business in India in order to focus on areas where its global footprint and diversified business strengths allow it to provide clients with more value-added services,” a spokesperson said.
 

According to officials