PEOPLE: BNP Makes LatAm Push
Mar 3, 2010
BNP Paribas is growing the LatAm business, which it expects to be increasingly lucrative in the medium term.
"The idea is more or less to increase our revenues by 75% in the next four years," BNP’s LatAm head Louis Bazire tells LatinFinance. The region accounts for roughly 5% of the global bottom line, boosted by fixed income trading. "The area, especially Brazil, is considered one of the growth areas in the group," adds Bazire. In Q3 2009, BNP generated net profit of €1.3 billion, up 44.8% year-on-year, and €10.7 billion in revenue.
After constructing M&A and DCM in 2009, Bazire describes 2010 as a year of consolidation, although the French bank is starting a custody business from scratch. "We are also looking for a broker in Brazil," adds Bazire, saying BNP aims to do this in 2010.
Export finance is a major BNP focus and LatAm is a key region for this. It last year led a €4 billion...
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