BNP Paribas needs to make a big new hire in Asia
BNP Paribas has overhauled the structure of its corporate finance business in Asia as it continues on its ambitious path to become a top global investment bank.
The Paris-listed bank has been steadily climbing the league tables and has expanded its presence in equities as well as in North America. Now as part of its three-year strategy, it has put its corporate finance business on a global footing, with implications for its offering in the Asia-Pacific region.
Under the co-called GTS 2025 plan, The bank has created a dedicated unit called global banking which will operate alongside global markets and securities services, the other two units within its corporate and institutional bank (CIB).
GTS stands for growth, technology and sustainability, and according to a memo from CIB head Yann Gérardin seen by eFinancialcareers, the plan aims to help the bank to “adapt to an entirely new economic and geopolitical paradigm.”
Under the new structure, the bank has created a global banking APAC position. Paul Yang, who is APAC CEO for BNP Paribas, will be filling this new role on an interim basis, but sources say the bank is looking to make a permanent appointment soon.
BNPP is not a force in corporate finance in Asia. It was ranked 39the by investment banking fees in the region last year, according to Dealogic. This included a ranking of 36th for mergers and acquisitions (M&A) fees, and 38th for fees from debt capital markets (DCM), a business where it is top three in Europe.
BNP's strategy isn’t about boosting its market share regionally, but on a global basis, and it will look to do more business with international companies in Asia, and Asian companies as they look abroad. “Cross-region acceleration supporting our clients is one of the central initiatives of the CIB strategy under the GTS 2025 plan,” said Gérardin.
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