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Bloomberg
Union Bancaire Privée SA (UBP has hired a group of about 15 private bankers from BNP Paribas SA as it steps up expansion in Asia, according to a person familiar with the matter.
Some of the bankers will report to Alfred Tsai, who was BNP’s Hong Kong-based head of China wealth management before he joined UBP, said the person, who asked not to be identified as the details aren’t public.
Elina So, a managing director in Tsai’s group at BNP, has also moved to UBP, the person said.
Private banks have been offering big pay packages and poaching entire teams as they vie for position in Asia, which is minting new millionaires faster than any other region. UBP in April hired a team of six from Standard Chartered Plc in Singapore, accelerating a push that started with the 2015 acquisition of Coutts International.