BNP Paribas Wealth Management has shut down its business in India.
In a note sent to Cafemutual, the company said, “This decision is unrelated to the current pandemic and has no impact on our continued wealth management growth strategy in Asia, which remains an important growth engine for our global franchise. We will accompany clients through every step of the transition.”
The company says that the wealth management firm wants to focus on the growth of its corporate and institutional banking franchise.
Talking about the existing clients in the wealth management business, the company says that the clients will be referred to Sharekhan, a wholly-owned subsidiary of BNP for brokerage and investment services for individual clients.
