BNP Paribas says net asset inflows into its private banking unit grew by €3.4 billion in the first quarter of 2008.
The bank gave no comparative year ago figure, nor did it release further details on the performance of its private bank.
However, it said that its wealth and asset management business posted a 6.7% year-on-year fall in revenues to €600 million and partially blamed the fall on money used to seed an alternative management fund.
The new money inflows compare favourably to SG Private Banking numbers released yesterday, where BNP Paribas’ biggest French rival revealing it grew net new money flows by just €400 million in the first quarter.