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BancWest's Assets Under Management Rose In 2019

Tom Burroughes

6 February 2020

The BancWest arm of Paris-based BNP Paribas yesterday reported that private banking assets under management in 2019 rose by 14.3 per cent year-on-year to $15.7 billion. 

BancWest is the North American business of the French banking group, and services include private banking and wealth management. 

At €2.375 billion , revenues slipped by 1.8 per cent in 2019 from a year earlier. 

The decrease in the interest rate margin in an environment of downward interest rates was only partially offset by an increase in business activity and fees , BNP Paribas said in its results statement. 

Operating costs fell by 3.6 per cent to €1.712 billion, due to the reduction in headcount , related in particular to sharing some functions with corporate and investment banking and transferring support functions to a lower-cost area .

After allocating one-third of US private banking’s net income to the BNP Paribas group’s wealth management business, BancWest posted €484 million in pre-tax income, falling by 10.0 per cent compared wth 2018 at constant scope and exchange rates, but down by only 5.5 per cent at historical scope and exchange rates, given a positive foreign exchange effect.