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ZEDRA acquires BNP Paribas Singapore Trust

Singapore Business Review logo Singapore Business Review 1/7/2020 Staff Reporter
a store front at day: ZEDRA acquires BNP Paribas Singapore Trust © Provided by Singapore Business Review ZEDRA acquires BNP Paribas Singapore Trust

It will be renamed to Zedra Trustees (Singapore) Limited.

Financial solutions provider ZEDRA confirmed that it has completed its acquisition of BNP Paribas Singapore Trust, first announced in January, an announcement revealed.

The company has received regulatory approval from the Monetary Authority of Singapore (MAS).

BNP Paribas Singapore Trust Corporation will be renamed to Zedra Trustees (Singapore) Limited. It will serve "the growing Asian ultra-high net worth and high net worth markets, with clients typically being families and entrepreneurs," according to the announcement.

The acquisition brings ZEDRA's combined staff numbers in Singapore to 35.

Meanwhile, BNP Paribas Wealth Management will work with ZEDRA as a preferred partner for trust services, whilst continuing to render its clients with wealth management services.

The solutions provider shared that they are seeing an influx of interest despite ongoing economic disruptions.

"In spite of the disruption caused by the COVID-19 pandemic, we are seeing an increase in enquiries, in particular around succession planning. The situation has acted as a catalyst, prompting clients to review how their estates will be managed and assets passed on. Clients want to be reassured that existing structures are fit for purpose," noted Wendy Sim, managing director, ZEDRA Singapore.

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