BNP Paribas has targeted 30 per cent growth in its Indian private banking business over the next few years and put the country at the top of...

BNP Paribas has targeted 30 per cent growth in its Indian private banking business over the next few years and put the country at the top of its Asian expansion drive. According to an interview with Reuters, Francois Debiesse, chief executive of BNP’s private banking, India would account for about 20 per cent of the bank’s total Asian private banking profits in the next three years. BNP has about 2,000 private banking clients in India and provides investment advice for more than $400 million of their assets. It is planning to increase the staffing of its Indian private banking operations by about 60 per cent to 36 people in the next 15-18 months. In June 2004, BNP merged its private banking business in India with its global operations, indicating the growing importance of the country.