The rapidly expanding ZEDRA Group, the global provider of corporate, active wealth, and fund solutions, has reportedly announced another major acquisition, this time in Singapore. The company has concluded its takeover of BNP Paribas Singapore Trust Company Limited, which was previously announced in January 2020.
ZEDRA has completed this acquisition after getting regulatory approval from the Monetary Authority of Singapore (MAS). Following the acquisition, BNP Paribas Singapore Trust Limited will be renamed as Zedra Trustees (Singapore) Ltd.
With ZEDRA as a trusted trust services affiliate, BNP Paribas Wealth Management will continue to offer wealth management services for its clients, leveraging the strongest private banking network and worldwide presence of ZEDRA.
For the record, BNP serves the Asian high net-value and net-value markets, where customers are typically families and entrepreneurs.
Speaking on the deal, Ivo Hemelraad, CEO at ZEDRA said that Singapore is the main jurisdiction region for ZEDRA given the nation’s reputation for its high-quality financial services sector, resilient infrastructure, and prudent supervision. This acquisition would bring additional expertise and scale to its already rapidly growing Singapore office, he added.
Wendy Sim, ZEDRA Singapore Managing Director stated that despite the COVID-19 pandemic disruption, the company has been recording an increased number of inquiries, particularly about succession planning. The situation has served as a catalyst, which has led customers to examine how their estates are managed and assets transferred.
She added that the company’s strengthened trust proposition would be a pivotal asset in the future as they continue expanding the business in both local Asia and also support European customers who may be looking for Singaporean perspective to their trust and structuring solutions.
Sources cite that the deal would bring more than 500 business specialists from 14 countries across Asia, Oceania, America, and Europe, to the current headquarters of ZEDRA. The acquisition takes the total numbers of ZEDRA workers in Singapore to 35; all of them are housed in a brand new central ZEDRA building.