The French group BNP Paribas is closing its onshore private banking activities in Brazil and has signed an agreement to refer its clients to the local Brazilian group Bradesco, the groups announced.
The decision to close its private banking activity based in São Paulo is part of a global reflection that BNP Paribas is carrying out on all of its international operations.
The agreement with Bradesco will allow local private banking clients of BNP Paribas to transfer their accounts to the Brazilian group’s private banking platform, which Bradesco says could yield up to 15 billion reais (2.9 billion euros). dollars) of fresh assets.
The closure of BNP Paribas’ activities in Brazil means that the French group no longer has a private banking presence in Latin America. It continues to operate wealth management offices in Miami and San Francisco.
Bradesco said in a statement: “The agreement aligns with BNP Paribas’ objective of ensuring continuity and excellence in the service currently provided to its clients.” Bradesco has a large and strong local private banking platform, being the second largest player in this segment in Brazil, according to Anbima, with more than 380 billion reais in assets under management and around 400 dedicated employees.
In the coming days, the two banks announced that they will communicate to their customers the details of the account transfer process in order to clarify any doubts and obtain the necessary approvals from those who choose to migrate their accounts to the banking platform. deprived of Bradesco.
Additional edits by Atholl Simpson.