The French wealth management market is undergoing a phase of restructuring. Bank branch closures continue, while institutions are accelerating in the private banking segment to attract clients seeking structured support. BNP Paribas is part of this dynamic with a positioning that relies on wealth engineering, access to unlisted assets, and digital tools derived from open banking.
Private Assets: the offensive on unlisted assets and its implications for wealth
Since 2024, BNP Paribas has structured a dedicated unit called Private Assets, housed within BNP Paribas Asset Management. The stated goal is to democratize access to unlisted assets (private equity, private debt, unlisted real estate, infrastructure) for wealth and private clients.
This strategy responds to a growing demand. Listed markets, subject to volatility that can be difficult to absorb for concentrated wealth, are no longer sufficient to properly diversify an allocation. Unlisted assets offer a decoupled return profile, but they impose constraints: long investment horizons, reduced liquidity, and historically high entry tickets.
The creation of a dedicated unit aims precisely to remove these barriers by offering vehicles tailored to the investment thresholds of private banking. For a client managing their wealth through BNP Paribas private banking, access to these asset classes represents a diversification lever that did not exist in this form a few years ago.
The available data does not yet allow for measuring the impact of this unit on the overall performance of mandates. However, the strategic signal is clear: unlisted assets are becoming a pillar of the wealth offering, rather than just a complement reserved for very large fortunes.
Multi-bank aggregation and wealth management: what open banking changes concretely
Since 2023, clients of BNP Paribas private banking can aggregate accounts held in other French and European institutions directly in their online space. This feature relies on open banking APIs introduced by the DSP2 directive.
The interest goes beyond simple balance consultation. The aggregation feeds wealth simulators and asset allocation tools that are not available in mainstream retail banking. A client can thus visualize their entire financial, real estate, and professional wealth on a single interface, regardless of the banks where their assets are distributed.
This consolidated management changes the relationship with the private banker. Instead of working based on partial statements or client declarations, the advisor has an updated map. Allocation recommendations gain in precision.
However, feedback from the field varies regarding the fluidity of aggregation. Some third-party institutions still limit the data accessible via API, which can create gaps in the consolidated view. The promise of a truly comprehensive wealth monitoring thus depends as much on BNP Paribas’s technology as on the cooperation of other banks.
Security of banking operations: the legal framework that protects wealthy clients
The issue of banking fraud particularly concerns high net worth individuals, who are prime targets for diversion attempts. A recent legal evolution deserves attention: the burden of proof regarding strong authentication has been clarified.
The mere use of a payment instrument is no longer sufficient to prove the client’s consent. The validation code, the Digital Key, or any other authentication device does not, by itself, constitute proof that the client authorized the transaction. The bank must now demonstrate that strong authentication was indeed performed, and the use of the instrument no longer allows for presuming gross negligence on the part of the client.
For wealth management, this evolution has practical consequences:
- In the case of transfer fraud, the client has a strengthened legal lever to obtain a refund, even if they technically validated the transaction under the influence of manipulation
- Private banks are encouraged to strengthen their verification protocols for high-value transactions, beyond the regulatory minimum
- Responsibility shifts to the institution, which must prove the robustness of its security system
This framework enhances the legal security of wealth clients, but it is hardly reflected in the commercial content of private banks.
BNP Paribas Wealth Management: between on-site support and remote model
BNP Paribas offers two modes of access to its private banking. The classic model relies on a physical network, with 15 Wealth Management locations in France and Monaco and more than 120 dedicated private bankers. The e-Private model, launched more recently, offers 100% remote support.
The coexistence of these two formats raises a fundamental question. Does wealth advice, which often involves discussions about transmission, the taxation of executives, or the structuring of professional wealth, lend itself to an exclusively digital relationship?
For routine operations (portfolio adjustments, position consultations, tax simulations), the remote format works. For pivotal moments (business sale, divorce, complex succession), the face-to-face relationship retains an advantage that digital cannot fully replace.
The choice between the two models depends on the complexity of the wealth and the frequency of adjustments. An executive in the process of selling will likely need a physical contact. A senior executive in a capitalization phase may be comfortable with remote follow-up.
With 140 billion euros in assets under management by the end of 2025 and an ISO 9001 certification for its discretionary management, BNP Paribas displays size and structuring indicators that position its offering among the top in the French market. The relevance of this setup for a given wealth remains an individual question, which neither a label nor a figure of assets alone can resolve.