A BNP Paribas executive says the quality of brand and range of products and services are key to the firm's success
Brand and the strength of a reputation are vital characteristics for a private bank, according to Michel Longhini, head of strategy and development Asia for BNP Paribas Private Bank.
'Private banking is a complex mixture. The first point is the reputation. Why do I enter into that shop? That is why the private bank name is very important. When you have a very strong, long-standing reputation as a private bank, you attract clients,' Mr Longhini said.
'It is really the opening of the relationship. Someone who has US$5 or $10 million, or even $100 million will never open the door to a bank which is not well known or does not have a sufficient balance sheet. That is the minimum requirement to have access to the wealthiest clients. And then, obviously, what you have to offer is very important.
'Reputation enables you to make contact with people, and they will open the door because you are a big name, because you are one of the leading banks in the world. This is a very strong point. It helps the bank get into contact with the client. And then, once you have made this contact, you need distinctive products.'
Mr Longhini said that in addition to reputation, the quality and the range of a bank's product and service offering were also vital to success.