BNP Paribas, referred to as BNP Paribas, is a world-class financial group headquartered in Paris, France. It belongs to the largest bank in France, and its deposits are also the largest bank in the Eurozone. It is also one of the largest banks in the world. It is one of the top four of the Systemically Important Financial Institutions Group. The bank was officially formed on May 23, 2000 by the merger of two major French commercial banks, BNP Paribas and BNP Paribas. According to the 2019 Global Finance rankings, BNP Paribas is the 10th largest bank in the world in terms of total assets.
BNP Paribas entered the Asia-Pacific region as early as 1860. It is one of the most powerful international financial institution groups in the region, with operations in 13 markets in the region.
BNP Paribas operates in 72 countries and regions around the world and employs more than 200,000.
According to the third quarter financial report released by BNP Paribas in 2019, the revenue for the quarter 10.90 billion euros, and the net profit 1.94 billion euros, exceeding the original expectations.
According to the ranking of Global Finance in 2019, BNP Paribas is the 10th largest bank in the world in terms of total assets.
International Investment
Hong Kong
BNP Paribas entered Hong Kong in 1958 to provide services to institutional and private investors, corporations or financial intermediaries.
The bank has two subsidiaries in Hong Kong:
- BNP Paribas Peregrine: Based in Hong Kong, it provides comprehensive investment banking services. It was formerly known as Peregrine Investment established by Liang Botao Tao, and later merged with BNP Paribas and changed its name to Peregrine Paribas.
- BNP Paribas Private Bank
Taiwan
opened its first office in Taipei in 1981 and currently has branches in Taipei, Taichung and Kaohsiung. The branch in Taiwan mainly operates corporate finance, wealth management and investment banking, and is responsible for capital markets, consulting, global transaction banking and financing. Private banking is currently the second largest foreign private bank in Taiwan (after UBS).
In terms of insurance business, in May 1998, the Taiwan branch of Cardiff Life Insurance Company (now the Taiwan branch of France Paris Life Insurance Company) was established, which was the first French commercial insurance company in Taiwan; in April 2001, the Taiwan branch of Cardiff Product Insurance Company (now the Taiwan branch of France Paris Product Insurance Company) was established. Through a strategic alliance, it also cooperated with Cooperative Treasury Financial Holdings to establish "Cooperative Treasury Life Insurance Joint Stock Company", holding 49% of its equity.
In 2011, France and Pakistan also established a joint venture with Heku Paris Investment Credit, but due to different business concepts, Heku bought back the shares of France and Pakistan Investment in 2014.
Chinese mainland
BNP Paribas established its first office in Shanghai in 1860, making it one of the first foreign banks to enter China. Today, BNP Paribas (China) Co., Ltd. is headquartered in Shanghai and has branches in Beijing, Tianjin and Guangzhou. It has nearly 500 employees. It provides banking, financing and information services to customers through corporate and institutional banking and international financial business departments.
BNP Paribas is a strategic partner of Bank of Nanjing (BoN) in retail and commercial banking and the second largest shareholder since 2005. As of June 30, 2013, BNP Paribas owned 18% of BNP.
In 2003, BNP Paribas and Haitong Securities established Haifutong Fund Company and held a 49% stake in Haifutong Fund Company.
On July 8, 2013, ING sold its 50% stake in the Chinese joint venture insurance company Sino-Dutch Life Insurance to BNP Paribas Cardif Paribas Insurance Group, an insurance subsidiary of BNP Paribas. After focusing on RMB business, it won the RMB Business Excellence Award.
South East Asia
It also has operating bases in Vietnam, Indonesia, Singapore, Thailand and Malaysia, and its business content is mainly in corporate finance and international finance.
EUROPE
February 7, 2006 BNP Paribas paid 9 billion euros to acquire the sixth largest Italian bank, the National Labour Bank.
October 6, 2008 BNP Paribas paid 14.50 billion euros (US $19.80 billion) to acquire Fortis Group's operations in Belgium and Luxembourg, and will obtain Fortis's international concessions, issue about 132.60 million new shares to pay 9 billion euros, 5.50 billion euros in cash. Fortis's dual operations include 239 billion euros in customer deposits, more than 1,000 branches in Belgium, and Paribas also acquired Fortis's retail network in Poland, Turkey and France. The transaction does not include Fortis Group's operations in the Netherlands. Under the terms of the deal, the bank will acquire a 75% stake in Fortis Bank from the Belgian government. The Belgian government will continue to hold the remaining 25% interest and will acquire a 10% interest in Fortis's Belgian insurance assets and receive most of the toxic assets to 12%. At the same time, it will acquire a 16% stake in Fortis Banque Luxembourg from the Luxembourg government, thus increasing its controlling interest in Fortis Banque Luxembourg to 67%. The purchase price will be reduced from 5.50 billion euros to 550 million euros (about 709 million dollars). In addition, Fortis Bank will offer 1.375 billion euros to buy a 25% stake in Fortis Belgian Insurance from Fortis Group. The governments of Belgium and Luxembourg also became shareholders of BNP Paribas, with a shareholding ratio of 11.6% and 1.1%, respectively. On November 14, 2013, BNP Paribas acquired a 25% stake in its local consumer banking subsidiary, BNP Paribas Fortis, for 3.25 billion euros (US $4.37 billion).
By the end of 2015, the Group's business in Europe was mainly focused on Belgium, France, Italy and Luxembourg.
USA
2001: BNP Paribas acquired the historic Bank of America West (established in the United States in 1874).
December 2021: BNP Paribas withdraws from the U.S. retail banking market, agreeing to sell Bank of the West to Bank of Montreal for $16.30 billion.
Related Incidents
In June 2014, BNP Paribas pleaded guilty to falsifying business records and conspiracy to transfer funds for countries under U.S. sanctions (Cuba, Iran and Sudan) in violation of U.S. law, for which BNP Paribas will pay a $8.97 billion fine. In addition to the fine, 13 of the bank's executives will leave and will be banned from doing dollar settlement business through New York and other U.S. subsidiaries for one year starting in 2015.
