France’s BNP Paribas to double China staff within 2 yrs
BNP Paribas SA, French banking group with strong positions in Asia, plans to double the number of its employees to 650 in mainland China by 2010, as part of its global expansion plan, according to market sources.
The largest bank in France won approval from the China Banking Regulatory Commission (CBRC) in April to locally incorporate entities, converting its branches in Beijing, Tianjin and Guangzhou into branches of BNP Paribas (China).
Through its locally incorporation, the French bank will primarily provide corporate, investment banking and asset management services in mainland China, said Mignonne Cheng, Head of North Asia and chief executive of BNP Paribas Hong Kong.
“We have an ambitious growth strategy for this market,” said Paribas China chief executive Francois Cristofari at an event to mark its incorporation. The bank’s Beijing and Shanghai offices are eligible for starting RMB-based businesses from Monday, added Cristofari.
The bank is now seeking opportunities to join hands with a local securities house, so as to better serve its customers in the region. It has signed a memorandum of understanding with Shanghai Pudong Development Bank to consider feasibility of setting up a joint-venture insurer, market sources reported.
In China, foreign banks must have locally incorporated entities with at least RMB 1 billion of capital before they are allowed to conduct retail RMB business.
Tags: bank, CBRC, China Investment, insurer