BNP Paribas to expand in GCC

The bank's regional director for the GCC countries Jean-Christophe Durand said in Dubai yesterday.

BNP Paribas has applied to the Capital Markets Authority (CMA) in Saudi Arabia for an investment banking licence. It is also seeking a licence from the Qatar Financial Centre, Durand said, as well as having plans to open other branches in the UAE. The bank will be also be expanding its staff from 520 in the GCC currently, of which 120 are in the UAE, to 750 by 2010. It aims to recruit 100 more staff this year, he said.

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The bank is also bringing together its syndication and capital markets teams to form one common debt platform. Both teams are located in London but are being relocated to Bahrain, BNP's investment banking headquarters, Durand said, adding: "We may have collaborators in other places like Dubai."

To strengthen its commitment to the region BNP Paribas is opening its new electronic banking service unit in Jebel Ali Free Zone, the first such branch within its GCC network.

The bank "has strong growth ambitions in the region and this initiative will not only add value to client servicing but would also serve the bank well in realising its desired business goals of increasing market share in its core business lines", said Durand. He also said Dubai was "the largest revenue branch for activities in the GCC".

Michael Pereira, UAE country head, said BNP is planning to set up Priority Banking to cater to the needs of affluent investors. He added that the BNP Paribas has plans to open a second unit office in Dubai, in late November/early December, close to Sharjah Industrial area along with one more unit office in Musaffa in Abu Dhabi in early 2008. The Dubai office will also be relocated about Dubai to the Burj Dubai Business Centre.