KUALA LUMPUR, July 1 — Following receipt of regulatory approval from the Monetary Authority of Singapore, ZEDRA has confirmed the acquisition completion of BNP Paribas Singapore Trust Corporation Limited.
BNP Paribas Singapore Trust Corporation Limited, to be renamed Zedra Trustees (Singapore) Limited, serves the growing Asian ultra-high net worth and high net worth markets.
BNP Paribas Wealth Management will work with ZEDRA as a preferred partner for trust services while continuing to render its clients wealth management services, leveraging the firm’s best-in-class private banking team and global reach.
According to ZEDRA chief executive officer Ivo Hemelraad, Singapore is a core jurisdiction for ZEDRA, given the country’s reputation for its high quality financial services sector, prudent supervision and resilient infrastructure.
ZEDRA Singapore managing director, Wendy Sim said: “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.”
— BERNAMA
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