BNP Paribas, the French financial services group, is planning to set up a company that will provide discretionary portfolio management services, even as it plans to expand its private banking business in India by adding real estate and art investment advisory services.
"The bank is exploring an option to set up a separate corporate body to offer discretionary portfolio management to Indian clients and rope in a local partner for this venture," BNP Pariabas chief executive (private banking) Michel Longhini told reporters in Mumbai on Monday.
The bank already has a licence for non-discretionary portfolio management services but for discretionary activity it needs a separate permission from the Securities and Exchange Board of India, he said.
The decision on separate unit would be taken soon and BNP would bring in required capital for the new entity, he added.
Longhini said the bank would increase the manpower of private banking unit by 15 per cent every year. It offers the private banking services through a team of 24 professionals with direct presence in six cities.
Sharad Sharma, head of private banking (India), BNP Paribas, said the bank is planning to offer structured financial products, real estate and art advisory services to high net worth individuals.
The current private banking division has 250 relationships and the bank plans to double it in the next 15 months, Sharma said.
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