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BNP Paribas to double mainland team in 3 years

(Xinhua)
Updated: 2008-04-09 10:08

French banking giant BNP Paribas SA said Tuesday it was aiming to triple revenues contributed by its operations in the Chinese mainland while doubling workforce in the burgeoning market within three years.

The bank now has about 300 employees in the Chinese mainland, said Mignonne Cheng, chief executive of BNP Paribas' Hong Kong branch and head for north Asia.

Cheng said the bank was aiming to double revenues contributed by the Chinese mainland, Hong Kong and Taiwan as a whole in three years while tripling revenues contributed by its operations in the Chinese mainland in the same period.

"This market presents us with tremendous business opportunities. It is only normal that we have to maintain a very aggressive strategy here," she told a press conference here marking the 50th anniversary of the Hong Kong branch of BNP Paribas.

Cheng said the bank had a very good start in China this year.

BNP Paribas Chief Executive Officer Baudouin Prot said the bank, which ranked the 7th among the world's leading banking institutions by capitalization and net profit, was sticking with the target of matching last year's record revenue from corporate and investment banking of 8.3 billion euros ($13.03 billion) for 2008 although it is becoming "more and more challenging."

BNP Raribas had strengths from its solid financial structure and stringent risk policy, among others, and was less affected by the US sub-prime fallout, he said.

Prot said BNP Paribas was looking to the emerging markets for an increase of revenue contribution to 15 percent within the next three years.

The emerging markets contributed about 13 percent of BNP Paribas' revenues and ranked second behind Europe to contribute 27 percent of the group's corporate and investment banking revenues in 2007.

The Hong Kong branch was BNP Paribas' regional center and largest establishment in Asia. The bank currently has about 2,500 employees in the Chinese mainland, Hong Kong and Taiwan, of which 1,800 work for the investment banking unit.

"We see BNP Paribas in a very good position to leverage on the opportunities here," Prot said, referring to the Chinese mainland, Hong Kong and Taiwan.