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  • BNP Paribas – The Bank That Does it Better

    BNP Paribas – The Bank That Does it Better

    France’s largest listed bank beat analysts’ expectations in the third quarter. Former Swiss National Bank President Philipp Hildebrand sees BNP as a role model. Also for Credit Suisse.

    BNP Paribas has been building its relationships with businesses across Europe in recent years, which is now starting to pay off, a look at Thursday’s quarterly results shows. France’s largest listed bank increased its net profit by 10.3 percent year-on-year to 2.76 billion euros ($2.69 billion), beating analysts’ forecasts.

    At a time when companies are hedging their operations against rising energy prices, BNP Paribas’ corporate and investment bank earnings were boosted in particular by income from commodity derivatives and interest rate trading.

    These activities helped to offset a decline in income from the capital markets business, which is not surprising as recession fears led companies to hold back on stock market listings while slowing the financing of acquisition deals.

    BNP Paribas shined in investment banking. Amid high, double-digit revenue declines at rival banks, BNP booked a third-quarter revenue decline of just 2 percent in global banking but gained market share.

    Nevertheless, the satisfying result does not immediately make BNP the top address in Europe, although there are signs that BNP is chipping market share away from Credit Suisse in equity and investment banking.

    BNP Paribas attributed its fixed income performance in the third quarter to reallocation and hedging needs in commodities, interest rates and foreign exchange products, and emerging markets. This may cause Credit Suisse to regret its decision to close its own emerging markets trading business.

    Last November, Credit Suisse agreed with the French bank to refer clients of its debacle Prime Services unit to them.

    With the results of BNP Paribas, former Swiss National Bank president Philipp Hildebrand likely sees himself vindicated in his statement recently saying Credit Suisse and other European banks need more clarity. He went on to praise BNP Paribas as the European bank with the right business model to attract investors.

    With that, perhaps BNP Paribas will hire Carly Simon to sing Nobody Does it Better at the next annual meeting to celebrate the results.

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  • Singapore Fintech Partners BNP for Impact Investment

    Singapore Fintech Partners BNP for Impact Investment

    AI-driven fintech GreenArc Capital and BNP Paribas have been awarded a proof of concept grant by the Monetary Authority of Singapore’s Financial Sector Development Fund.

    The partners will collaborate on impact measurement and audit project, which will be led by Rony J Palathinkal, COO of GreenArc Capital, according to an announcement.

    The POC is an extension of their previous work to develop the GreenArc platform – an impact investment solution with an embedded impact measurement module that connects investors with impact opportunities focused on financial inclusion and climate action.

    GreenArc uses advanced machine learning techniques to provide assurance of the stated impact objectives of financial products, as well as facilitate investor capital towards true sustainable investments to avoid impact washing. It has been deployed successfully by financial institutions to measure their debt portfolio’s impact.

    We aim to bring transparency to investors and liquidity to select last-mile lenders and microfinance lenders, Joris Dierckx, BNP Paribas regional head of Southeast Asia and CEO, Singapore, said, noting the growing interest among institutional and retail investors to have a positive impact climate change and economic inequality.

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  • BNP Announces Key Appointments

    BNP Announces Key Appointments

    BNP Paribas on Wednesday appointed new co-CEOs in its Asia Pacific Wealth Management division, replacing Pierre Vrielinck.

    Andy Chai, currently head of Wealth Management for Greater China, and Arnaud Tellier, head of Wealth Management Singapore and Southeast Asia, have been appointed as co-CEOs for Wealth Management in Asia Pacific, BNP Paribas said in a media statement on Wednesday. They will replace Pierre Vrielinck, who has held the position of CEO Asia Pacific previously.

    Both will report hierarchically to co-CEO of BNP Paribas Wealth Management, Vincent Lecomte, and functionally to CEO Asia Pacific of BNP Paribas Group, Eric Raynaud.

    «Our Wealth Management franchise is a cornerstone of our “One Bank” approach, enabling us to meet both the personal and professional financial needs of high net worth clients across Asia. With the rich experience of Andy and Arnaud, spanning both corporate and institutional banking as well as private banking, I look forward to the strong and sustainable growth of our Wealth Management platform for years to come,» said Raynaud.

    Chai and Tellier will assume joint responsibility for the strategic direction and operations of BNP Paribas’ Wealth Management business in the region, effective on Wednesday. Chai will have oversight of the Greater China markets including mainland China, Hong Kong SAR, and Taiwan and lead the strategic client segment across Asia.

    Tellier will cover Southeast Asia, India, and International markets while investment services and key support functions will report to him. David Lim, a market head for Southeast Asia, is appointed Head of Wealth Management Singapore and Southeast Asia, reporting to Tellier.

    Pierre Vrielinck, who has held the position of CEO Asia Pacific since 2017 and has grown the franchise, will return in December to a senior leadership role within BNP Paribas Wealth Management in France. Meanwhile, veteran BNP Paribas banker Mignonne Cheng will retain her role as Asia chairman for Wealth Management and continue to bring her strategic vision and client knowledge to the franchise.

    The French bank has been under pressure in Greater China recently due to a controversial post on Facebook by a previous staff in Hong Kong. The bank has since issued a statement of apology.

  • One in Three Entrepreneurs in APAC Rely on M&A

    One in Three Entrepreneurs in APAC Rely on M&A

    In Asia Pacific, one in three entrepreneur leverages on merger or acquisition as means to grow or expand their businesses, according to a recent report by BNP Paribas. A high proportion of entrepreneurs (33%) in the region rely on merger or acquisition to grow their businesses compared to their counterparts in Europe, GCC and USA, according to the 2019 BNP Paribas Global Entrepreneur Report.

    38 percent of Hong Kong business owners have undergone either a merger or acquisition in the past.

    Disruption and Development

    Over 50 percent of Indonesian entrepreneurs focus on contributing to growth of the local economy as their business goals in five years, while the entrepreneurial ambition in Taiwan is gravitated towards contributing to innovation and development in their chosen sectors. For Taiwan entrepreneurs, 38 percent are disruptors – their business goal is to permanently change the status quo with a new product or concept within five years.

    In India, it is for the next generation of their families to have meaningful careers.

    Use Of Credit Solutions

    Globally, 44 percent of elite entrepreneurs have used credit solutions to develop their business.  In Asia, 55 percent of entrepreneurs have sought to borrow to invest in their own businesses. This rises to six in every ten entrepreneurs in China, India and Indonesia.

    61 percent of Chinese entrepreneurs use credit or lending products to finance their business.  54 percent of Indonesian entrepreneurs have used structured products for credit or lending.

    Respondents

    The report is based on the responses of 2,763 Asian elite entrepreneurs handling a total net worth of USD16 billion, spanning 23 countries across Europe, Asia, the United States and the Middle East. It also unveils the different stages of maturity of their entrepreneurial journey, the impact on their private wealth and their need for family governance.

    Sampling of the Asia respondents include 830 elite entrepreneurs covering China, Hong Kong, India, Indonesia, Singapore and Taiwan. The average primary company revenue was $7.2 million.

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  • Indonesia’s Danamon Bank Plans Merger With BNP

    Indonesia’s Danamon Bank Plans Merger With BNP

    Bank Danamon, Indonesia’s fifth-largest private lender, announced a plan on Tuesday to merge with local lender Bank Nusantara Parahyangan. “The proposed merger is subject to approval by the relevant regulatory authorities, both banks’ shareholders, and to meeting the legal formalities for such a transaction,” Bank Danamon said in a statement on Tuesday.

    This is part of a larger plan by Japan’s Bank Mitsubishi UFG (MUFG) to acquire a 73.8 percent stake in Bank Danamon.

    Bank Danamon and Bank Nusantara Parahyangan (BNP) are now able to merge after MUFG acquired 40 percent of Danamon in August last year.

    Aside from owning Bank Danamon, MUFG also holds a majority stake in BNP through its subsidiary, Acom, one of Japan’s largest loan companies.

    Bank Danamon and BNP are required to merge as Indonesia applies a single-presence policy, which ensures that one single entity does not hold a majority stake in more than one company.

    MUFG’s plan for acquiring a majority stake in Danamon has been laid out in three stages.

    In the first stage, which was completed in December 2017, MUFG acquired a 19.9 percent stake in Danamon from Singapore’s wealth fund firm Temasek for $1.17 billion.

    The Japanese lender subsequently raised its stake in Danamon to 40 percent last August with the acquisition of a further 20.1 percent. In the final stage, the Japanese lender will seek approval to acquire the remaining shares, which in total, will give it a 73.8 percent stake.

    The acquisition is the part of MUGF’s ambitious plan to expand its presence in the region.

    The deal marks the largest acquisition of an Indonesian company by a foreign entity after American multinational cigarette and tobacco manufacturer Philip Morris International bought a 60 percent stake in HM Sampoerna for $3 billion.