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LATEST ARTICLES
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Political instability in France, coupled with better EU-UK relations, could threaten Paris’ ability to rival London as a financial centre. But a focus on institutional clients among French and other EU banks is already helping London’s resilience – a trend that shows little sign of abating.
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BNP Paribas Wealth Management operates across 17 countries, serving a client base of entrepreneurs, family offices and high net-worth individuals.
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French banks have not had the net interest margin bonanza that higher interest rates have offered many southern European banks recently. In fact, some French banks saw profit decreases in their domestic retail divisions last year, while areas like markets and vehicle leasing have been less of a support to group profit compared to the immediate post-pandemic period.
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The bank is leveraging all its resources to reach six million individuals by 2025. It is well on its way.
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It is not normally thought of as one of the banks with a large stronghold on central and eastern Europe. Nevertheless, BNP Paribas still owns relatively large banks in what are, in effect after the 2022 invasion of Ukraine, the region’s two biggest markets in terms of banking: Poland and Turkey.
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BNP Paribas has enviable sustainable finance credentials globally, but Latin America has become a particular area of strength for the French bank. In 2023, it led on some truly landmark transactions for clients throughout the region and can claim to be leading the evolution of sustainable finance in Latin America.
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As the equity capital markets remained sluggish across Europe last year, financing activity was all about debt. So, it is perhaps no surprise that western Europe’s best bank for financing this year is the one that dominated the debt capital markets league tables working on 509 deals worth $128 billion equivalent for a 7% market share: BNP Paribas. Even in ECM, the French firm ranked number five behind sector leaders BofA Securities and Goldman Sachs.
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The French bank has made steady progress in this business over the last decade and last year was a strong period of new mandates and client expansion.
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For a small economy, Luxembourg boasts many banks: 120 were authorized in 2023. Many of these primarily serve international clients, in particular providing securities services to institutional investors from across Europe and beyond.
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The Belgian government’s retail bond programme last year, which pressured lenders to raise deposits, was just one element of a relatively tough environment for banks in Belgium. The country also sits at the opposite end of the spectrum to southern Europe in terms of the proportion of loans on floating-rate deals, meaning local banks benefit less from higher eurozone interest rates.
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The region’s tough economic history, coupled with its strength in soft and hard commodities, makes it best positioned to tackle today’s challenges.
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BNP Paribas Wealth Management shows “a strong dedication to enhancing the client experience through digital means, innovation and research”, according to the judging panel for this year’s private banking awards.
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BNP Paribas Wealth Management operates across 17 countries, serving a client base of entrepreneurs, family offices and high net-worth individuals.
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BNP Paribas has been relentlessly fine-tuning its secondary equities business in Europe for more than a decade. While the primary focus has been on reaching an affordable offering for institutional investor customers of its markets business, clients of the wealth-management business are now also benefiting.
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BNP Paribas Wealth Management’s philanthropy solutions have been a noteworthy part of its wider positive impact offering since 2008. The firm aims to provide clients, free of charge, with proposals that fit each step of their philanthropic journey.
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BNP Paribas Wealth Management has been named Western Europe's best private bank for sustainability this year. One of the many factors supporting this decision is the banks’ ability to embed sustainability into all its product and services by prioritising portfolio assessment and the upskilling of its bankers.
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BNP Paribas Wealth Management has been named Euromoney’s best international private bank in the Middle East for 2024.
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BNP Paribas Wealth Management is named Asia’s best private bank for digital solutions in 2024. This recognition comes on the back of a year that saw good digital growth and the implementation of a client-centric digital transformation strategy.
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BNP Paribas Wealth Management has been named Asia’s best private bank for sustainability 2024 in recognition of the firm's comprehensive approach to environmental, social and governance integration and its commendable track record of financial performance.
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BNP Paribas Wealth Management has been named Asia’s best bank for discretionary portfolio management (DPM) this year in recognition of its adept navigation of market headwinds and steadfast focus on client-centric service.
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At a group level, BNP Paribas Wealth Management is a perpetual leader in the ever-growing field of sustainability. In 2023, Euromoney called the Paris-based lender the world’s best bank for sustainable finance for the third year in a row. We cited its status as the poster child for providing sustainable banking at scale, and its big and bold shift away from fossil fuels.
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Boosting the role of corporate treasury by enabling it to centralize group-wide FX management may sound appealing, but implementation and cost challenges should not be underestimated.
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Collaboration between national banks has seen widespread adoption of mobile payments schemes. The French and German-led approach of focusing on a single European scheme could therefore be seen as a distraction. But is it the only real way of keeping US payment companies at bay?
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As a relative outsider, Slawomir Krupa might have appeared better suited to the chief executive job at Societe Generale precisely because it had done so badly under an establishment insider. BNP Paribas’ good performance, by contrast, would make the traditional background of its rumoured chief-executive-in-waiting, Marguerite Bérard, less of a barrier.
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BNP Paribas leads from the front in its development of trading technology. Innovation is at the heart of the business, and the focus on technology and product rollouts has involved notable developments to its FX algo suite.
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BNP Paribas has continually enhanced its e-books in spots, forwards and swaps over the last 12 to 18 months, which has allowed the business to provide greater liquidity and more competitive prices, even during the height of volatility.
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Euromoney Foreign Exchange Awards 2023: Global market leader – best FX market innovator: BNP ParibasThe evolution of ALiX is testimony to BNP Paribas’s commitment to innovation. Over the last four years this personal digital execution assistant has expanded to cover all available products in Cortex FX in one small widget that fits neatly in the corner of a client’s screen.
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With its pan-European team of 45 people in seven countries in continental Europe, including Belgium, France, Germany, Netherlands and the UK, BNP Paribas combines regional coverage with local expertise.
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Euromoney talks to Jacques Levet, chief digital officer at BNP Paribas, about the competitive advantage that newly acquired FX fintech Kantox offers.
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After buying parts of BNP Paribas and Societe Generale, Orabank is African banking group Vista’s boldest acquisition yet. Despite coups and sovereign debt distress, Vista’s founder and chairman Simon Tiemtoré tells Euromoney how he can succeed where other higher profile ventures have failed.
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BNP Paribas’s sustainability strategy for Latin America continues to mature, underpinning the bank’s strong position across the continent. The bank has made considerable efforts to deepen its focus on the three most important sustainability issues in Latin America: protecting biodiversity, promoting social development and decarbonizing hard-to-abate industries.
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The lasting impact of Russia’s invasion of Ukraine on global energy markets has steered the sustainability conversation towards efficiency and practicality in western Europe. Beyond investing in low-carbon solutions to reduce the energy intensity of across a range of sectors, banks were preoccupied with clients’ transition plans to reduce their own financed emissions, while facing tougher disclosure regulations and public scrutiny of their continued financing of the oil and gas sector.
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With retail banking operations in Belgium, France, Italy and Luxembourg, BNP Paribas is the clear leader among a very small handful of European banks that have grown beyond being national champions in their home markets to serve personal customers across the continent.
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In a quiet year for equity capital markets, BNP Paribas worked on the two main deals that took place: the $1 billion accelerated bookbuild for Energias de Portugal in March this year and the €53 million rights offer for Greenvolt Energias Renovaveis in July 2022.
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BNP Paribas’s wealth management team has had a stellar year. In Euromoney’s 2023 private banking awards, it was named Europe’s best private bank and the Middle East’s best private bank. It also won a hatfull of country awards, including best domestic private bank in France and best international private bank in Belgium and in Switzerland.
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BNP Paribas Fortis is Belgium’s best investment bank this year. It took the top position in the equity capital markets league table during the awards period, from second last year, with a 20% market share, having completed six transactions worth a total of €457 million.
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BGL BNP Paribas positioned itself as the strongest commercial bank in Luxembourg in 2022.
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BNP Paribas has also had an excellent year in its corporate and institutional banking division, particularly in its home region. The division posted record revenues in 2022, of €16.5 billion, up 16% on the previous year. The equity and prime services, global banking and securities services units all saw new highs, while global markets had its best year since 2009.
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The bank is prepared to make tough decisions to meet its sustainability targets.
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BNP Paribas has a well-earned reputation for steadiness and stability. In the past year, its chief executive, Jean-Laurent Bonnafé, has also reinforced his strategic credentials with the bank’s well-timed exit from its US retail business. Today, the bank stands as the eurozone leader on the global stage and is ready to play a pivotal role in the continent’s financial development.
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Societe Generale’s recent African exits, and BNP Paribas’s talks with Orange Bank, highlight how closely Europe’s banks tend to follow each other. Differences are often more a question of strength than strategy.
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The French bank joins HSBC, DBS and others in setting up a full-service wealth management offering in the stable southeast Asian country, with all transactions booked in nearby Singapore.
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BNP Paribas has put environmental, social and governance at the centre of its work over the last few years and BNP Paribas Wealth Management’s approach is no different. The bank, which last year took home the world’s best bank for ESG in Euromoney’s Awards for Excellence, has successfully integrated ESG across its offerings, not least with its innovative ‘myImpact’ app.
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With offices in Dubai, Riyadh, Geneva and Luxembourg, BNP Paribas Wealth Management is well positioned to offer succession planning and wealth-transfer services across the Middle East.
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BNP Paribas Wealth Management is named the best private bank in the Middle East in this year’s private banking awards.
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Amid strong competition between Europe’s leading private banks, the judges agree that BNP Paribas deserves to be recognised this year as the region’s best private bank, an award supported by two other honours: best for digital and discretionary portfolio management.
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Adding to its two other European awards this year, BNP Paribas Wealth Management wins the region’s Best private bank for digital award.
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Supporting its award as Europe’s Best private bank, BNP Paribas is the judges’ Best bank in the region for discretionary portfolio management, too.
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Banks like Santander, BNP Paribas and SocGen see auto finance and the future of mobility as critical pieces of their overall group strategies. But as mobility becomes an increasingly fractured business, what does the auto finance bank of the future look like?
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Patents are a high-profile demonstration of a bank’s commitment to innovation, but they are not the only option for those looking to encourage new ways of thinking.
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The European Central Bank has made it clear that it would look favourably on big bank mergers to create stronger pan-eurozone lenders. But M&A between large lenders in different eurozone states is still stalling through financial and political fragmentation – despite hopes for a closer union after Brexit and the war in Ukraine.
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BNP Paribas has made an environmental, social and governance virtue out of its legacy commitment to the mining and energy sectors in Latin America. A decade ago, the bank saw which way the wind was blowing and, noting that it was towards renewable power turbines, moved early into sustainable finance.
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BNP Paribas is western Europe’s best bank for financing. It ranks first in the Dealogic bookrunner rankings in debt capital markets, ahead of Deutsche Bank in second place, JPMorgan in third, Barclays in fourth and HSBC fifth.
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While it has been a leader for many years in European debt and loan financing, BNP Paribas has in recent years built out its secondary markets businesses. It now includes a full service offering in equities as well as fixed income currencies and commodities (FICC) across research, secondary markets, prime services, derivatives and capital markets.
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Best Bank: BNP Paribas Fortis
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Best Investment Bank: BNP Paribas
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Always a strong candidate in this category, BNP Paribas has made great progress in its ambitious decarbonization commitments this year, in addition to prioritizing high social-impact and inclusive-finance goals.
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The French bank has been busy with landmark deals and financial innovation.
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The French bank has long had global scale in fixed income, now it has the same ambitions for its equity franchise too.
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From energy transition to Libor transition, the French bank is the go-to firm for many corporate clients in a time of flux. This is the result of longstanding relationships and new investment in core sectors of the franchise.
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The drive to make finance sustainable relies on robust data. This is something that the French bank has been working on for a decade.
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BNP Paribas’s top private banker talks to Euromoney about his love of Brittany’s rough seas, the power of ESG, and digital’s ability to transform and improve every step of the client journey.
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The rates sell-off is making it more expensive for high-yield and high-grade borrowers to access the bond markets. Maturities on offer are shortening, and it could be about to get much worse.
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Crossed wires on an analyst call had many scratching their heads.
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The acquisition of Bank of the West by Bank of Montreal is complementary and affordable, argues BMO’s chief executive Darryl White.
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BNP Paribas has in effect ruled out using the proceeds of its US retail bank sale on big bank M&A in Europe.
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Greater regulatory clarity, and perhaps a sale of Bank of the West, leave the French bank with the happy dilemma of what to do with excess capital.
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One sustainability expert takes humanizing the narrative to new levels.
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Sustainable finance and renewable energy are becoming more important for the French firm, as it reduces its emphasis on equity derivatives.
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Australia is not the first country that comes to mind with regards to climate action. But away from the political rhetoric, the exceptionally powerful superannuation funds and corporates are pushing change. The key is an acceptance that in Australia it’s all about transition.
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Societe Generale’s decision to launch a joint treasury management solution with Kyriba is just the latest example of banks and technology vendors collaborating to offer more sophisticated treasury functionality.
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The French bank’s innovative and collaborative approach to data is central to its sustainable finance strategy.
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In a year when the race to net zero really got under way, biodiversity protection rose to the top of the agenda and Covid exacerbated the need for social support, one bank stood out for innovation, breadth of coverage and rigorous use of data
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In a tough year, quality and quantity mattered to the public sector. BNP Paribas offered both.
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As well as winning the best bank and best bank for financing awards, BNP Paribas is also western Europe’s best bank for sustainable finance.
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It’s not often any bank sits above JPMorgan in an important financing league table, but BNP Paribas far outstrips the US bank as a bookrunner both of syndicated loans and of debt capital markets deals for borrowers in western Europe.
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Business diversification has proved to be a crucial asset for BNP Paribas over the past year. Relatively intact operations such as fixed income trading have provided vital props to its financial performance compared with local rivals that had made deeper cuts to those businesses pre-Covid. Post-pandemic the bank has become even more important as a financier to its western European clients. It has also moved earlier than other top-tier global banks to burnish its sustainability credentials.
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The French lender’s wealth management university, introduced in 2017, is central to its ability to train private bankers to reach out and serve the high-net-worth clients the bank cannot afford to lose.
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The leading FX banks have introduced notable enhancements to their electronic trading platforms in recent months in an attempt to make them more attractive to traders that are still working away from their offices.
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In executing what may be the biggest European corporate Sofr-linked swap yet, BMW has shown what well-prepared company treasuries and their advisory banks can achieve as the sun sets on Libor.
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Analysts are positive about sterling’s prospects over the next few months, figuring that monetary policy flexibility and attractive UK equity prices will outweigh any downward pressure from the European Union – whether trade or coronavirus-related.
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In buying out its Exane equities joint venture partner, BNP Paribas reckons it can make a success of a business where few European peers have thrived. It also hopes to see a halo effect on underperforming franchises like ECM.
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Large-scale working from home has raised the spectre of internal fraud, and treasury departments are finding it harder to conduct effective investigations.
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After a year when credit markets propped up the financial performance of continental Europe’s biggest bank, concern remains about its credit risks.
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The chairman of UBS seems determined to force a wave of European banking consolidation. A merger of his firm with Credit Suisse may not be possible, but other deals are likely.
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With its unique model of direct lending to microfinance institutions and bringing large investors to the table, BNP Paribas has put financial inclusion at the heart of its agenda.
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BNP Paribas has shown itself to be a bank for global corporate clients of which Europe can be proud.
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Western Europe’s best investment bank, BNP Paribas, is increasingly central to capital markets across the continent. That’s been particularly clear since the onset of the coronavirus crisis.
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BNP Paribas has sustainability and inclusiveness at its heart, as shown in its approach to all of its stakeholders. This year the bank wins the award for the region’s best bank for corporate responsibility.
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Crédit Agricole takes the lead in Western Europe in this year's Euromoney Awards for Excellence.
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Income, racial and gender inequality have been at the top of the news agenda for months. The financial sector now needs to go beyond programmes, initiatives and box-ticking and embed diversity and inclusion into all it does.
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The Covid-19 crisis has emphasized the importance of banks that can stand by their clients and bring them funding in the toughest times. Euromoney’s best bank for financing in Western Europe, BNP Paribas, has stepped up to a greater extent than peers, especially on a pan-European level – although its achievements this year go beyond the coronavirus response.
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A trend that was already under way is set to accelerate as companies realise the importance of better oversight of day-to-day financials.
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Weight a business towards structured products, and life can quickly get uncomfortable.
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French banks are handing out more state-guaranteed loans than other country in Europe, but they have more to worry about than small businesses in France.
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After turning French banking upside down, Compte Nickel is taking its tech-savvy approach to financial inclusion abroad. Insiders say its barebones account service will spread further and keep its dynamism under BNP Paribas ownership. But can a bank for outsiders with a physical network also be the fintech champion of Europe’s banking establishment?
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Best Private Banking Services Overall Net-worth-specific services: Mega HNW (>$250m) UHNW (>$30mln-$250mln) HNW ($5mln-$30mln) Super Affluent ($1mln-$ 5mln) Capital Markets and Advisory ESG/Impact Investing Family Office Services International Clients Investment Management Next Generation Philanthropic Advice Research and Asset Allocation Advice Serving Business Owners Data Management and Security Innovative or Emerging Technology Adoption
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BNP Paribas will reach the end of its three year ‘transformation’ plan in 2020; how has it fared?
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It's that time of year again, when we round up what senior management said about your business line in their quarterly earnings calls.
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Asian private wealth is distinct from elsewhere in the world and must be served with a different model. Entrepreneurial wealth, changing digital delivery channels and gradual engagement with socially responsible investment all present challenges and opportunities for private banks in the region.
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European bank shares have sunk to levels not seen since 2008, and even some of the region’s bank CEOs admit it is hard to make a compelling investment case for them. Euromoney speaks to the people at the top about their potential to re-emerge as global leaders.
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The French bank is in the process of being granted a banking licence by the Mexican Banking Commission and the Mexican central bank, likely by the end of the year.
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Overall Credit Strategy Fixed Income Research (inclusive of all research) Actionable Trade Ideas
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Corporates' increasing need to use treasury resources more efficiently has persuaded BNP Paribas to partner with fintech Kantox to offer a new dynamic hedging solution to clients.
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Didn’t have time to go through your investment banking rivals’ results announcements? Don’t worry, we’ve done it for you, business by business.
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The French bank sees an opportunity to grab market share – and a more advanced tech platform – in a business that it sees as strategic.
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DBS named world’s best bank in Euromoney Awards for Excellence 2019; JPMorgan is the world’s best investment bank; Erste’s Treichl recognized as banker of the year.
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Overall, this was a year when banks with greater strengths in debt financing could shine, as the decreasing chances of an imminent ECB rate rise reflected poorer global and regional growth prospects – weighing on Europe’s equity markets but still allowing many names to borrow funds at longer maturities.
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The threat of Brexit continues to force transaction bankers to rethink how they structure their businesses, with a number of regional and international banks setting their sights on Frankfurt and Dublin as central hubs for cash management and trade finance.
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Through thoughtful and innovative community initiatives, as well as changes to policies and product development, BNP Paribas is helping to implement the UN’s sustainable development goals.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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Its 2018 results look bad, but the bank insists it is still on track for success.
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With conditions far from helpful, the French bank has a lot riding on initiatives designed to grow its corporate and institutional bank
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UK corporate broking is the business that won’t die. There is no requirement for it outside the smallest listed firms, and corporates the world over manage without it. Yet UK companies almost always want the reassurance it provides. Is it finally under threat?
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Asset management is one of the few opportunities European banks have for growth and good returns, but regulation is challenging the captive market and margins are falling. Can banks build their own versions of the low-cost US fund management firms – or are these few remaining crown jewels heading the same way as their investment banks?
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Recommits to holding top spot; mid-tier of most concern as oil traders struggle.
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BNPP's role on a government sale of Safran shares has made its paltry year in French ECM look a bit better, but the ultra-tight deal also reflects the pressure of low volumes
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Chief sustainability officer, Americas, BNP Paribas
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Any important new market needs its innovators, cheerleaders and pioneers… As banks try to build more responsible and sustainable businesses, these are the champions of impact banking at 10 of the world’s biggest firms. From green and blue finance to financial inclusion and social banking, they are leading the way and setting an agenda for others to follow.
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From the United Nations and the European Commission to customers and shareholders, the world’s banks face increasing pressure not only to consider their broader role in society but also to take actions that have a positive impact on it. There is no doubt that most chief executives take this challenge seriously. Whether they take it far enough remains to seen.
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BNPP is building a formidable online network across the region
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Bank chief executives in Europe are increasingly obsessed with their new or rebooted digital arms. These businesses promise to fend off new competitors and capture a next generation of clients, while piloting front- and back-office innovations. They could even offer the best chance of expanding in the eurozone, making banking union a reality. But will these investments merely play into the hands of the new rivals and hasten the banks’ decline?
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The last instalment of our results analysis looks at banks’ markets businesses
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With HSBC having reported on Monday, the last of the 2Q18 results are in for the 12 main global corporate and investment banks; now for part 1 of our number-crunch
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BNP Paribas had its excuses ready to explain a second quarter fall in CIB profits and FICC revenues, but strength in equities and continued progress on its strategic plan looked good
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The French bank has committed itself to sustainable finance across its entire business.
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In sustainable finance, it is often the case that what is not financed shows a bank’s commitment to sustainability just as much as what is financed. BNP Paribas is committed to both sides of this coin and it wins the award this year for western Europe’s best bank for sustainable finance.
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Bank of America and Citi win top prizes; Credit Suisse’s Tidjane Thiam is named Banker of the Year; Asian banks make their mark in global awards.
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As the payments landscape changes due to changes in regulation, technology and client behaviour, the treasury function is also undergoing a major shift. While every change presents its share of threats and opportunities, certain points will have long-lasting implications on corporate treasuries around the world.
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Receivables are key to keeping a company or institution in business. They are the final step of the cash conversion cycle, closing the gap in the working capital. In other words, receivables are really important for treasurers and yet are often seen as a difficult topic to address.
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While other parts of finance splinter and specialize, in wealth management it looks like bigger really does mean better: UBS wins Euromoney’s Private Banking 2018 survey yet again and the big global franchises continue to take the lion’s share of the industry.
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The results of the Euromoney Trade Finance Survey 2018 show the emergence of two very different trends: the sustained presence of the global trade finance bank, and the rising influence of regional institutions.
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After years of conservative and cautious delivery, BNPP's global ambitions are becoming clear
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It is no secret that cross-border payments have been historically laden with problems of delays and errors, unclear payment status and fees. To address these issues, Swift launched the global payments innovation (GPI) with the goal of significantly improving the customer experience by increasing the speed, transparency and tracking of cross-border payments. This initiative from Swift involves more than 120 key transaction banks from more than 200 countries and territories around the world, and because Swift is where the critical mass of cross-border payments happen, its global payments innovation has been hailed as one of the biggest advancements in international payments in several decades. The initiative is designed to be functional at the short, medium and long terms.
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Without fanfare, BNP Paribas is building its network among UK corporate clients. It’s following a template that’s already paying dividends in Germany. Is it on track to be Europe’s pre-eminent bank?
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BNP Paribas, PwC, SAP and the European Association of Corporate Treasurers (EACT) released the second edition of their thought leadership initiative, the Journeys To Treasury (JTT) report at EuroFinance Barcelona on the 4th of October 2017. The first edition of the report, released at EuroFinance Vienna in 2016 made a lasting impression on the corporate treasury community, with more than 1000 downloads across the world and more than 24,000 visits to the report’s website within the first three months of its launch. The 2017 edition of the report has taken the narrative further and discusses some of the most important issues and trends affecting the corporate treasury.
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HSBC holds top place in both the global financial institutions and non-financial institutions results; global banks dominate but regional banks continue rise.
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BNP Paribas (BNPP) is the latest bank to be fined by US regulators over misconduct in its FX business. The French bank now hopes to put the episode behind it, having restructured the relevant businesses and improved its compliance processes.
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Austria’s best bank notched its best result to date last year on the back of a recovery in its emerging Europe operations. But while the group’s international network tended to grab the headlines, the domestic business also put in another strong showing.
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European banks announced numerous investment pledges in digital banking over the last year. The best banks see technology not as a threat but as an opportunity to grow. They are partnering with and investing in fintech disrupters.
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The French bank is firmly in expansion mode in corporate banking, on a much more global level than you might expect, and fully grasping how to serve their clients digitally.
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Euromoney names HSBC as the World’s Best Bank and Morgan Stanley as the World’s Best Investment Bank; UniCredit’s chief executive Jean Pierre Mustier wins Banker of the Year award.
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Overall market share Overall banks only Overall non-bank liquidity providers only Spot/forward market share Swap market share Options market share Emerging market currencies market share
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Euromoney magazine has released the results of its 39th annual foreign exchange ranking, the most comprehensive quantitative and qualitative annual study available on the FX markets.
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Innovation is on everybody’s mind and many wonder whether it’s actually more than just a buzzword. BNP Paribas’s response is clear and strong: innovation is a continuous journey, it goes beyond technology, is already underway and bringing progress at multiple levels and the Bank is also now working hand in hand with its clients to rock the treasury house. From blockchain-based solutions to SWIFT gpi and Virtual Account Management, the evidence is blooming.
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BNP Paribas COO Philippe Bordenave tells Euromoney that the bank is putting digitization at the heart of its new strategic plan.
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The world seems to be turning away from globalization and towards protectionism. Yet despite this challenging environment for trade, the bankers who finance it remain surprisingly upbeat.
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While HSBC scores a notable double in Euromoney’s annual global rankings, the record response rate of almost 35,000 validated votes generated a host of changes at the upper end of our cash management survey. Regional banks move to the fore and some previous global leaders have dropped back.
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Results index Global All transactions 2016 2015 Bank Score 1 2 HSBC 6548 2 3 Citi 3830 3 1 Deutsche Bank 3116 4 13 Bank of New York Mellon 1728 5 14 Sumitomo Mitsui Banking Corporation 1536 6 8 JPMorgan 1534 7 5 Commerzbank 1359 8 4 Bank of America Merrill Lynch 1339 9 6 Standard Chartered 1305 10 7 Barclays 1303 11 9 Bank of Tokyo-Mitsubishi UFJ 1209 12 32 Industrial & Commercial Bank of China 1057 13 45 DBS Bank 1045 14 12 Wells Fargo 823 15 11 Bank of China 817 16 19 Societe Generale 721 17 18 Mizuho Bank 692 18 16 UniCredit 607 19 21 ADCB 605 20 15 RBS 535 21 10 BNP Paribas Fortis 504 22 Cathay United Bank 501 23 22 Yapi Kredi 355 24 UOB 352 25 ANZ Banking Group 340 26 23 ING Group 265 27 35= Agricultural Bank of China 251 28 29 Akbank 250 29 17 RZB 223 30 137= Bank Mandiri 218 31 42 Arab Bank 194 32 39 Bank of Communications 193 33 28 UBS 189 34 ATF Bank 188 35 208= Bank Central Asia 182 36 BNI 46 162 37 CIMB 156 38 38 Danske Bank 152 39 65= Banco BPI 144 40 208= Bangkok Bank 132 41 Siam Commercial Bank 126 42 40 Credit Agricole 122 43 34 BBVA 118 44 Hang Seng 116 45 41 Lloyds 114 46= 27 Garanti Bank 110 46= 74= Bancolombia 110 48 Bank Danamon 107 49 NAB 106 50 Bank of Nanjing 103
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Almost 35,000 companies and financial institutions vote, a record response rate; HSBC wins globally for both client sectors; and there are big changes at the upper end of cash management survey, with regional banks to the fore and some once global leaders dropping back.
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The country’s banking sector is the most undercapitalized in Europe, so French calls for a delay to new capital rules are growing.
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Austrian market leader Erste Bank posted another set of healthy results in 2015 but the standout story of the year, in terms of both growth and profitability, belonged to Bawag PSK. The private equity-owned bank saw its bottom-line result jump by 26% year-on-year to €418 million, giving a sector-beating return on equity of 16.2% on the back of higher core revenues, lower operating expenses and a dramatic reduction in risk costs.
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Euromoney names BNP Paribas as the world’s best bank and HSBC the world’s best investment bank for 2016; BBVA’s Francisco González is banker of the year and completes a great night for Europe.
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Only excellent bank management teams can satisfy shareholders, regulators and customers all at once today. BNP Paribas has one of the very best.
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World's best bank: Other European banks may be quitting the US, but it remains an important contributor to BNP Paribas’ revenue stream.
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Results index BNP Paribas wins this year’s award for best bank in Europe for wealth management. In France, Benelux, Italy, Spain, the UK, Turkey, Switzerland and, increasingly, Germany, the bank has been gaining market share to become the trusted adviser for wealthy individuals in the region. Its net new asset flows were €1.9 billion in 2015.
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This year marks the 25th anniversary of the Euromoney Awards for Excellence. They were the first of their kind in the global financial publishing industry. The nature of the global banking industry is constantly changing, and this year we made fundamental changes to the categories to reflect this.
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Results index Transaction services in Europe is a stable market in which regulatory change is usually the main source of concern. So the sudden departure of one the biggest European cash management providers came as shock and left a void that many worried would be difficult to fill. For BNP Paribas, however, it has been a great opportunity.
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BNP Paribas wins region’s best bank award and is named best bank for transaction services and wealth management in western Europe; Barclays takes best investment bank title; ING, Santander and CaixaBank win inaugural regional awards in digital, CSR and SME categories respectively; ABN Amro stages the best bank transformation.
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World's best bank: BNP Paribas is that rarity – a large bank actually delivering on its promises to stakeholders. It is producing better returns even than many of the US banks, despite being anchored in a low-growth home region, building capital and winning customers – all while proving the benefits of a diversified business model. Its cadre of loyal, long-serving senior executives look to have got the strategy right: staying the course in Asia and the US and running global customer franchises, but only in the select services it excels at.
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BNP Paribas takes the issue of diversity in the workplace very seriously. A quick glance at its website tells you as much.
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BNPP’s latest strategic update for its corporate and institutional bank might have fallen short of the expectations of a market now used to the wild lurches of rival European firms, but to dismiss this as mere tinkering would be a mistake. It builds on an already bold and long-held plan. And, crucially, it is one the bank’s leaders say they can afford.
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Extended results can be viewed here.
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UBS Wealth Management voted best global private bank; revenue outlook dimmer this year; asset management competition heats up.
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Deutsche Bank retains its position as the leading global trade-finance bank in this year’s Euromoney survey. The German bank and overall runner-up UniCredit also dominated the results by region and by product.
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The industry reacts to RBS's decision to retrench its international transaction services operations, referring clients instead to BNP Paribas.
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The $5.6 billion of fines handed out to six leading foreign exchange banks will not be the end of the crisis afflicting FX, but it might be the beginning of the end. The people at the top of the industry are starting to think more deeply about what will drive success in the FX markets of the future. How can foreign exchange rebuild its zest, and its reputation?
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The headline results of Euromoney's 2015 foreign exchange survey show the leading banks have been remarkably consistent, despite the upheavals in the sector. But, beneath the surface there are changes that will transform the competitive landscape of the industry. Deeper analysis of the survey results demonstrates that’s already starting to happen.
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Citi retains top spot in Global FX as clients execute more than half electronically for the first time
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Regulatory hurdles, globalization and digitization continue to transform the transaction-services industry, according to Marc Carlos, head of corporate trade and treasury solutions EMEA at BNP Paribas.
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Best private banking services overall
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JPMorgan’s $100 million settlement of a currency manipulation lawsuit has sparked a flood of interest from potential new claimants, and marks a new victory in their fight for compensation, according to a leading lawyer involved in negotiations.
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BNP Paribas Wealth Management’s co-heads Sofia Merlo and Vincent Lecomte talk about their business and industry.
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BNP Paribas Wealth Management CIO Florent Bronès shares his firm's views on last year's surprises and the risks ahead in 2015.
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When an email dropped into our inbox from BNP Paribas talking about something called the Marylebone Project we were hoping it might be the name of a five-piece band with BNPP’s head of primary markets, Martin Egan, as its lead.
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Société Générale and BNP Paribas outline new plans to get their investment banking divisions growing again. The US market is central to the ambitions of both banks.
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Following in the digital footsteps of Spain’s BBVA earlier this year, BNP Paribas announced at the end of July it had acquired a 81.39% stake from UniCredit in Germany’s DAB Bank, an online securities broker.
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BNP Paribas beats Italian and Spanish banks for; Rabobank Polish unit; Commits to third-biggest bank in Ukraine
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The Smart Derivatives platform has created a communications channel for investors in structured products.
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French policymakers would need to inject up to €300 billion of capital – the highest level of support in Europe – to prop up the country’s banking system during a severe global financial crisis, according to a new European systemic risk index, Euromoney can reveal.
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Weak 2012 earnings reflect deleveraging that’s now complete; the bank will cut costs and increase lending
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When BNP Paribas announced its adaptation plan last year the corporate and investment banking unit was squarely in the firing line. Revenues are down but profitability is resilient – something that CIB head Alain Papiasse argues makes it better positioned than its peers.
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BNP Paribas thinks it has an image problem. But Adrian Boehler, less than two-months into his tenure as global head of institutional sales at the French bank, says he likes what he sees.
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The need for a change in approach to the new normal pervaded the markets last year from the largest deals to the smallest. BNP Paribas extended its reach in bespoke index products to address the changing priorities among its private banking clients. The Emerging Balanced Note that it developed for a Belgian private client last year was a direct answer to the changing demands of an increasingly sophisticated client base. "The client wanted a product invested in emerging markets so the key was to find the right underlying," says Gilles Staquet, managing director and head of global equities and commodity derivatives sales at BNP Paribas in Brussels. "The easy option would have been to use a few market indices or to create a custom-built basket of stocks. But using funds was the best solution as they are dynamically managed by specialists."
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So that’s your technology nugget, but the media story of the moment is causing nearly as much discussion. An empty interview occurred in the German Handelsblatt newspaper.
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Securities Services global head wants to develop the firm’s expertise before integration, believes the firm will expand in Asia
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The French bank reveals that the continuing deregulation of the Renminbi will mean that it will look to increase its services in Asia.
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BNP Paribas reveals at Sibos in Canada that it has extended its collateral management for centrally cleared OTC derivatives
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BNP Paribas CEO of Securities Services reveals that it will expand services and headcount in Asia as it looks to double revenue from non – European services
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Statement from BNP Paribas designed to calm fears has led some analysts to further question if the bank’s management understands the risk it faces
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Deutsche leads the way; BNP and Goldman make good progress
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The bank hasn’t pushed too hard into marquee investment banking businesses; Shareholders stand to benefit from a low cost-income ratio and high returns
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The trickle of Q3 results continues with interim numbers released by Société Générale, BNP Paribas, Lloyds and, late in the week, RBS.
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BNP Paribas has had another outstanding year in project finance and is a driving force in every sector and region of this market. The French bank is Euromoney’s best global project finance house for the second year running and has spent the past 12 months cementing its leading position in this business. In addition to a top-five ranking in the global league tables, the bank has been at the forefront of innovation during the year as well. But the nature of project finance has changed dramatically over the past couple of years and project finance banks have had to change with it.
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The French bank swam against the tide – and won – with products such as equity volatility swaps, while maintaining a process involving transparency, suitability and risk control.
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BNP Paribas and Société Générale both broke into the top six of banks catering for non-financial institutions in this year’s FX survey. Trevor Carr reports.
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Record number of funds seek cash; Debt appetite returns
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BNP Paribas’ push into prime brokerage took another step forward in January when it was announced it had signed up as an EBS FX prime bank. "Joining EBS as a prime bank is an important part of BNP Paribas’ strategy to build out our prime brokerage offering. Our ambition is to become a top five FX house globally and our prime brokerage business is a vital part of realizing that ambition. Our current strength and potential for future growth in FX prime brokerage stems from factors including our strong balance sheet and a credit rating that makes us a particularly desirable counterparty," says Nathaniel Litwak, the bank’s head of marketing for FX prime brokerage.
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By absorbing Fortis, BNP Paribas emerges as the rising star in the eurozone. The crisis has validated the bank’s business model and its risk management. But its long-serving leadership team remains cautious in its moment of triumph and wary of what regulators might impose. Peter Lee reports.
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BNP Paribas leads the way on state repayment; Are other banks looking to do too much, too soon?
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BNP Paribas has hired Margaret Ren, one of the original China banking rainmakers, as chairman and chief executive of corporate finance, Greater China. Ren, most recently head of China Investment Banking at Merrill Lynch, made her reputation for her ability to use her connections in China to land big deals for her employers, first Bear Stearns and then Citigroup, where she worked until 2004. Those deals included getting Bear Stearns, which had little China presence at the time, on to big equity mandates for China Telecom and Guangshen Railway.
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The sub-prime crisis has presented opportunities for institutions whose balance sheets have been left relatively intact to boost their trading operations, not least in foreign exchange. Several, such as Canada’s CIBC and Japan’s Nomura, have already started to build out their FX businesses, while the market is still waiting to see how existing heavyweights HSBC and JPMorgan will evolve. BNP Paribas is another player that market participants might be wise to watch.
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BNP Paribas: The French bank has been adept at finding new sources of finance in a tight market and succeeding with difficult deals
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Fortis acquisition gives unprecedented scale; Organic growth continues in France, Italy
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Moscow-headquartered investment bank Renaissance Capital has teamed up with France’s BNP Paribas to offer investors a diversified form of structured equity exposure to the Russian market.
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Widespread speculation about the likely purchaser of Bank of America’s equity prime brokerage business has come to an end.
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BNP Paribas is presenting MillionTreesNYC in New York, a citywide, public-private scheme with the goal of planting and caring for a million trees across New York’s five boroughs over the next 10 years. Introduced as one of mayor Michael Bloomberg’s 127 PlaNYC initiatives to create a healthier, sustainable city, MillionTreesNYC will increase the city’s tree-count by 20%.
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A merger of BNP Paribas and Société Générale would be difficult to fund and to execute.
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Daniel Bouton of Société Générale, Baudouin Prot of BNP Paribas, Walter Rothensteiner of Raiffeisen Zentralbank and Alfredo Sáenz of Santander speak about the challenges in the new financial world order.
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Guy Hart, head of ABS syndicate at BNP Paribas, is understood to be leaving the French bank. Hart has been at BNP Paribas since joining from Nomura in 1998. He is a victim of the bank’s projected business levels for next year. With so much less activity expected for 2008 in ABS and CDOs, BNP Paribas’ structured finance division has been trimmed. Accompanying Hart out of the door will be Christos Danias, head of European CDOs and fellow CDO structurer William Ma, who only joined the bank last January from Moody’s.
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BNP Paribas has priced the first property derivatives trade based on a basket of indices. To date, property derivative trades have been based on single indices but the Paribas trade signals a new direction for the market, and more basket trades are expected to appear.
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BNP Paribas has shown strength in meeting client needs by innovating across a wide range of asset classes.
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The good times might be back in Asia’s markets for foreign investment banks. Alas, though, the feel-good factor does not appear to have reached French bank BNP Paribas.
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Recent visitors to BNP Paribas’ London headquarters have been greeted by placards in the entrance hall that urge staff to "Be smart".
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Summary table of top banks, with quick links to more related content on euromoney.com
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At Euromoney’s Paris Forum held at the end of 2006, the chief executive of BNP Paribas, Baudouin Prot, outlined some of the challenges facing major financial institutions. Principal among these is the growth and globalization of the banking industry. The interview was conducted by Chris Garnett, Euromoney’s director of conferences. Read or listen to it here.
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But will others also shun the obligations foncières structure?
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In the latest example of the growing focus on infrastructure opportunities in the ABS market, BNP Paribas has formed a specialized product group in its fixed income securitization business.
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French bank BNP Paribas is being sued in the US federal courts by a hedge fund over the financing of contracts for oil from Congo-Brazzaville. Rather than settling out of court, BNP says it will fight the lawsuit all the way. Felix Salmon reports on a grey area of black gold.
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The French bank has taken the lead in developing structured notes and innovating in products linked to inflation, FX rates and equity.
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BNP Paribas has topped the investment grade section of the Euromoney credit research poll for the past three years but this success has not stood in the way of a shift to a new research model.
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French bank increases staffing and product offering.
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BNP Paribas offered a new, institutionally-targeted twist on credit CPPI products.
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Innovation and wider investor participation continue apace.
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BNP Paribas has filled its global head of securitization post. Former Morgan Stanley securitization syndicate and trading head Tim Drayson joined last month. Drayson left Stanley after 10 years in March and joins at a time when BNPP has advertised its intention to grow its securitization business.
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BNP Paribas seen as probable buyer
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BNP and SG say they are taking a calculated risk, but can the investment pay off?
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BNP Paribas has appointed Patrick Calinski to its corporate debt capital markets (DCM) team in Paris. Calinski started at the beginning of April reporting to Jérôme Clément-Cottuz, head of DCM for Belgium, France and Luxembourg. He joins from Natexis Banques Populaires where he has worked for 12 years.
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Return to UBS tops private banking poll
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Pension funds welcome a new bond indexed to life expectancy which should cut the cost of matching a growing risk.
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BNP Paribas has long been a staunch supporter of tennis and is firmly connected with the French Open championships at Roland Garros in Paris. But the surprising success of Tim Henman this year will surely have raised Gallic eyebrows.
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A ground-breaking collateralized debt obligation offering a fixed level of recoveries targets investors who want a simpler structure.
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Key French brokerages are remodelling their equities divisions in an effort to build a pan-European business. And the solution that BNP Paribas has found is the most radical. But rivals say its new joint venture is an admission of failure. Peter Koh reports.
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Baudoin Prot, the CEO of BNP Paribas, used a results announcement last month to deny some of the merger rumours involving his firm and to sketch out plans for using the bank's excess capital. As he outlined the bank's 2003 results, which included an impressive 13.1% increase in net income from the corporate and investment banking division, he declined to reveal what BNP Paribas would do if a large US firm bought one of its European rivals. He described such hypothetical strategic plans as "science fiction".
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Runner-up: UBS Warburg
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French banking has arrived at a turning point. In the past the government would have stepped in to resolve the takeover battle between Société Générale, Paribas and Banque Nationale de Paris. But this time it looks likely that shareholders will determine who triumphs. Rebecca Bream reports.
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The battles rage for Telecom Italia, Société Générale and Gucci. Europeans have learnt aggressive US-style tactics. Optimists think corporate Europe has woken up after trailing the US for years. But these mega deals are driven by clan rivalry and gigantism, rather than efficiency.
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In the eurozone big is beautiful. The potential three-way merger of Banque Nationale de Paris, Société Générale and Paribas is just the latest example of the consolidation that will transform Europe's fragmented and largely unsophisticated banking industry. National borders and regulations have become irrelevant more quickly than anyone had predicted, leaving the way open for huge intra-market and cross-border tie-ups. But as banking goes the way of auto manufacturing and pharmaceuticals, what role is left for the smaller institutions - the regional specialists and the boutiques?