SHANGHAI: BNP Paribas, France's biggest bank, announced yesterday the completion of its China conversion project that will speed up its growth in the world's fourth largest economy.
Under the project, the Paris-based bank converted its branches in Beijing, Tianjin and Guangzhou into branches of BNP Paribas (China) Ltd, a wholly owned existing subsidiary of the bank, while its Shanghai branch was retained as a foreign currency wholesale branch under the BNP Paribas Group.
With the move, the French lender has gained greater access to banking services targeting clients in China.
For instance, as the first overseas bank in China to obtain the approval to offer electronic solutions in foreign currencies, BNP will soon be able to provide the service in local currencies.
"This is a significant milestone in our business development in China and we believe the conversion will be a powerful force propelling our development in the mainland market where we have already seen exponential growth since China's accession to the WTO," Chairperson of BNP Paribas (China) Ltd Mignonne Cheng said.
For the conversion project, the bank increased the capital of BNP Paribas (China) Limited to 4 billion yuan, putting it on a level playing field with most of its foreign competitors.
On the future expansion plan, Francois Cristofari, CEO of the bank's China subsidiary, said his company plans to increase its China staff to 650 by 2010 from its current 325.
Source: China Daily
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