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BNP conversion in 皇冠体育app completed

By Wang Zhenghua (皇冠体育app Daily)
Updated: 2008-06-27 09:11

BNP Paribas, France's biggest bank, announced yesterday the completion of its 皇冠体育app conversion project that will speed up its growth in the world's fourth largest economy.

Under the project, the Paris-based bank converted its branches in Beijing, Tianjin and Guangzhou into branches of BNP Paribas (皇冠体育app) Ltd, a wholly owned existing subsidiary of the bank, while its Shanghai branch was retained as a foreign currency wholesale branch under the BNP Paribas Group.

With the move, the French lender has gained greater access to banking services targeting clients in 皇冠体育app.

For instance, as the first overseas bank in 皇冠体育app to obtain the approval to offer electronic solutions in foreign currencies, BNP will soon be able to provide the service in local currencies.

"This is a significant milestone in our business development in 皇冠体育app and we believe the conversion will be a powerful force propelling our development in the mainland market where we have already seen exponential growth since 皇冠体育app's accession to the WTO," Chairperson of BNP Paribas (皇冠体育app) Ltd Mignonne Cheng said.

For the conversion project, the bank increased the capital of BNP Paribas (皇冠体育app) Limited to 4 billion yuan ($581 million), putting it on a level playing field with most of its foreign competitors.

On the future expansion plan, Francois Cristofari, CEO of the bank's 皇冠体育app subsidiary, said his company plans to increase its 皇冠体育app staff to 650 by 2010 from its current 325.