BNP Paribas plans to double China staff by 2010
BNP Paribas SA announced expansion plans in China Thursday, which include doubling the number of employees in its mainland operations to 650 by 2010.
By Agencies |
SHANGHAI: BNP Paribas SA announced expansion plans in China Thursday, which include doubling the number of employees in its mainland operations to 650 by 2010.
The French bank's China subsidiary has locally incorporated itself, the China unit's chief executive Francois Cristofari said.
"We have an ambitious growth strategy for this market," Cristofari told reporters at an event to mark the incorporation.
Foreign banks must create Chinese-based entities with a minimum 1 billion yuan in capital before they can carry out retail yuan transactions.
The bank's Beijing and Shanghai offices will officially be allowed to conduct yuan business from Monday, he said, adding the bank was seeking similar licences for its Tianjin and Guangzhou branches.
The bank plans to substantially increase its number of Chinese corporate clients, expand its financing business, and partner with an insurance group to sell products in the local market, he said.
"We plan to double our staff numbers in China by the year 2010, bringing the total numbers to 650 from 325 today," he said.
The bank will also work through its partner, the Bank of Nanjing, in which it owns a 12.6 per cent stake, to serve Chinese retail banking customers, he said.
The French bank's China subsidiary has locally incorporated itself, the China unit's chief executive Francois Cristofari said.
"We have an ambitious growth strategy for this market," Cristofari told reporters at an event to mark the incorporation.
Foreign banks must create Chinese-based entities with a minimum 1 billion yuan in capital before they can carry out retail yuan transactions.
The bank's Beijing and Shanghai offices will officially be allowed to conduct yuan business from Monday, he said, adding the bank was seeking similar licences for its Tianjin and Guangzhou branches.
The bank plans to substantially increase its number of Chinese corporate clients, expand its financing business, and partner with an insurance group to sell products in the local market, he said.
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"We plan to double our staff numbers in China by the year 2010, bringing the total numbers to 650 from 325 today," he said.
The bank will also work through its partner, the Bank of Nanjing, in which it owns a 12.6 per cent stake, to serve Chinese retail banking customers, he said.
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