(Nov 6): BNP Paribas SA is expanding its wealth management operations in Taiwan and stepping up relationship manager hires, looking to capture a greater share of the island’s swelling fortunes.

“Taiwan is clearly a top, top priority for us,” said Vincent Lecomte, chief executive officer of the European bank’s global wealth management business, citing the island’s fast-growing riches and economic expansion. The lender employs about 150 staff in the division locally, including about 40 relationship managers.

Lecomte said Taiwan is a growth engine for the firm’s overall expansion in the region. Asia accounted for a “significant” share of the €11.5 billion (RM52.27 billion) in global net new assets drawn by the wealth unit during the first nine months of the year, he said.

BNP Paribas has €535 billion in global wealth assets under management, with Asia accounting for about 20%, Lecomte said.

The lender’s build-out mirrors moves by rivals including UBS Group AG, HSBC Holdings plc and Standard Chartered plc in chasing wealth created by the island’s boom. 

BNP plans to expand its local roster of relationship managers at a “close to double-digit” pace to support similar business growth in the unit. Along with mainland China, Taiwan ranks among the bank’s fastest-growing Asian wealth markets, fuelling broader momentum across Hong Kong and Singapore. 

In Taiwan, “You have more and more millionaires just because they’re employees of TSMC and the ecosystem.” said Arnaud Tellier, CEO of BNP Wealth Management in Asia.

He said rising share prices have lifted local assets managed at the bank, while the wealth effect is rippling through the island’s broader economy, thanks to highly profitable tech companies.

Taiwan’s wealth managers are grappling with a talent crunch, forcing firms to boost compensation as they struggle to fill positions for experienced bankers. Top-tier candidates are fetching sign-on bonuses and guaranteed annual packages of around NT$10 million (RM1.23 million), according to recruitment firms.

Tellier said the industry’s strong momentum is creating a banker shortage across Taiwan, Hong Kong and Singapore. Many people express interest in private banking but still lack the required skills, he said. “It’s a challenge.”

Taiwan posted its fourth straight quarter of double-digit economic growth, with gross domestic product expanding 14.36% in the third quarter, the longest such stretch in nearly 39 years.

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