India's Best Banks: Still Going Strong
BNP Paribas has pared down its 2020 growth targets after a weak earnings report. In the Asia Pacific region, though, it continues to be a leading bank
Photo Credit :
BNP Paribas is a leading European bank with a strong global footprint across 72 markets and more than 2,02,000 employees. It has had a presence in India for over 150 years having established its first branch in Kolkata in 1860. With such a long and sustained presence in the Indian market, it is hardly surprising that it should be among the leading corporate banks in the country.
Through its branches in eight key Indian cities, namely Mumbai, Delhi, Kolkata, Chennai, Hyderabad, Bangalore, Ahmedabad and Pune, BNP Paribas offers sophisticated solutions through its three core businesses, corporate and institutional banking, investment solutions and retail banking, many of them in association with strong local partners. Through its corporate and institutional business, BNP Paribas is an active player in fixed income and debt capital markets, cash management and trade, corporate finance and institutional equities. The bank also offers services for individual clients in wealth management. Through its corporate and institutional business, BNP Paribas is an active player in the fixed income and debt capital markets, cash management and trade, corporate finance and institutional equities.
BNP Paribas has pared down its 2020 growth targets after a weak earnings report. The French lender is known to be grappling with some challenges at its corporate and institutional banking arms. Fencing questions from a business news channel recently, BNP Paribas’ Chief Financial Officer Lars Machenil clarified that the bank was not considering merging with other banks.
The bank reported a full-year net income of 7.53 billion euros ($8.57 billion) for 2018, a three per cent drop compared to that of 2017. Machenil said on television that the “overall net income held up well, but there was, indeed, the unfavourable market environment in particular at the year end.”
The French bank now hopes to achieve a revenue growth of 1.5 per cent per year between 2016 and 2020 from its previous 2.5 per cent target. It has also increased its cost savings target to 3.3 billion euros for 2020, compared to 2.7 billion euros in its initial plan.
BNP Paribas has been recognised for its achievements in banking and finance in the Asia Pacific and has won some prestigious industry awards. The recognition it has received from the region’s best-known financial publications attests its track record as a leader in the Asia Pacific, as well as its active development in one of the world’s most dynamic markets.
In particular, BNP Paribas boasts of leading positions in the realm of asset management, corporate finance, fixed income, global equities and commodity derivatives, global transaction banking, insurance, securities services, structured finance and wealth management. These distinctions further reinforce BNP Paribas’ position as a leader in the region and confirm its ability to deliver world-class products and services.