Beat Bachmann is pleased,—and he has every reason to be. «We have made an incredible leap forward in wealth management in Switzerland,» he said in an interview with finews.ch. Over the past two years, assets under management (AUM) have grown by more than 25 percent, following a steady decline in previous years.

Beat Bachmann (Image: zVg)

Even Bachmann didn’t foresee such results. In August 2022, he moved from UBS to the Swiss branch of BNP Paribas, one of Europe’s largest banks, assuming the role of CEO Wealth Management Switzerland and Emerging Markets. His initial task was to build a team focusing on the German-speaking Swiss market.

The Surge Surprised Even Insiders

While Bachmann wasn’t surprised by the success, the speed of BNP Paribas’ growth in Switzerland exceeded expectations. «We are a large and stable bank with a wide range of services. This undoubtedly works to our advantage,» he said. What caught him off guard, however, was the magnitude of the growth. «You don’t expect such a significant increase,» he added.

Credit Suisse’s Fall Provides Extra Tailwind

A major factor has been the downfall of Credit Suisse (CS). Following UBS’s acquisition of the former Swiss giant, the financial landscape in Switzerland has been reshuffled. Clients are seeking diversification – particularly in wealth management. Many have already begun looking for an additional bank. In the ultra-high-net-worth individual (UHNWI) segment, this process is just starting. «BNP Paribas may not have been on everyone’s radar, but we are now reaping significant rewards,» said Bachmann.

Targeting the Next Milestone

Many of these new clients are entrepreneurial families. For them, wealth management is not the only priority; corporate business is equally important. «The interplay between these two areas works exceptionally well at BNP Paribas. In my career, I’ve never seen another institution where the ‘One Bank’ concept is so deeply embedded,» he noted. «Our expertise in complex financing and our ability to execute set us apart from most competitors. We clearly benefit from the seamless integration of wealth management and corporate business, as well as from the strength of our balance sheet.»

Beat Bachmann has successfully steered BNP Paribas’ wealth management business in Switzerland back onto a growth trajectory. However, he acknowledges that the bank is still in the early stages of its onshore business in Switzerland. «We have a lot of ground to cover,» he concluded.