BNP Paribas (China) Ltd.is pleased to announce today that it has further expanded its presence in the Shanghai Free Trade Zone (FTZ) with the opening of a new branch.
BNP Paribas was among the first financial companies to establish a presence in the FTZ when it opened BNP Paribas Commodities Trading (Shanghai) last year. The new branch of BNP Paribas (China) Ltd. will further enrich its offering to clients through a wide range of banking products and services.
Peter Kwok, Acting CEO of BNP Paribas (China) Ltd., said: “BNP Paribas has a long history in China, where it opened the first office here in Shanghai in 1860. As such, we are delighted and privileged to be deeply involved in the pilot project of FTZ to contribute to China’s future economic development, in particular its ‘Go Global’ strategy.
“With the opening of the new branch in the FTZ, BNP Paribas will be in a better position to help its clients seize the opportunities arising from the interest rate liberalization, renminbi internationalization and other offshore business.”
BNP Paribas Shanghai FTZ branch is located in the International Communication & Trade Building in Waigaoqiao. Its business and operational activities, risk management, compliance, legal, and operational controls will continue to be centralised at head office level in BNP Paribas (China) Ltd.
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About BNP Paribas in China (www.bnpparibas.com.cn)
BNP Paribas’ presence in China dates back to 1860 when it opened its first office in Shanghai. Currently with nearly 500 employees based in China, BNP Paribas provides services in corporate & investment banking and wealth management activities through its 100% subsidiary BNP Paribas (China) Ltd. It is also present in retail banking through a strategic partnership with Bank of Nanjing, in which it holds a 16.2%* stake.
The group has been actively investing in China through joint ventures with local businesses including an asset management JV,HFT Investment Management, with Haitong Securities; an insurance JV with Bank of Beijing; an auto finance JV with Geely and an full-service leasing JV with Shanghai Ba-shi**.
Worldwide, BNP Paribas has a presence in 75 countries with more than 180,000 employees. It ranks highly in its three core activities: Retail Banking, Corporate & Investment Banking and Investment Solutions. In Asia Pacific, BNP Paribas is a leading international financial institution with an uninterrupted presence since 1860. Currently with 9,000** employees and a presence in 14 markets, BNP Paribas is constantly expanding its footprint in the region to provide its clients with product and service solutions tailored to their specific needs.
*As of Aug 2014
** Pending local regulators’ approval
***Corporate & Investment Banking and Investment Solutions divisions (excluding partnerships)