Malaysia, 22 June 2010 – BNP Paribas Malaysia announced it has received its full commercial banking licence, from Bank Negara Malaysia (BNM) on 17 June 2010, allowing the bank to provide ringgit-based banking products and solutions to its clients in Malaysia.
BNP Paribas Malaysia is one of the five foreign banks who have been awarded the new commercial banking licences to operate in Malaysia. “We are delighted to obtain the licence and very appreciative of the trust which the Malaysian government and Central Bank have put in BNP Paribas”, said Alain Papiasse, Global Head of Corporate & Investment Banking, BNP Paribas.
The bank is committed to an ambitious business plan which includes focusing on areas where BNP Paribas can add value, such as in Specialised Financing and Fixed Income including Debt Capital Market (DCM), as well as establishing a comprehensive Islamic Finance business in the region. “In addition, the bank will play an important role to support the development of business and trade flows between Malaysia and Europe, where BNP Paribas has leadership positions”, added Alain.
The new licence is an important addition to BNP Paribas’ Asian set-up. “We have made strong commitments to Malaysia on which we will start working immediately. It is critical for our regional offer to have local capabilities in such a significant country in the region”, commented Jean-Pierre Bernard, Regional Head for Southeast Asia, BNP Paribas.
Krishna Chetti, Country Head for BNP Paribas in Malaysia, said that the new licence opens the door for an ambitious development of BNP Paribas in Malaysia: “This licence is a milestone for our presence in Malaysia and for our Islamic Finance business in the region, in which Kuala Lumpur will play a central role as our hub for Asia Pacific. This is a great moment for BNP Paribas in Malaysia and we look forward to this new development, together with all our clients and partners.”
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About BNP Paribas
BNP Paribas (www.bnpparibas.com) is one of the six strongest banks in the world according to Standard & Poor’s* and the largest bank in the eurozone by deposits. With a presence in more than 80 countries and more than 200,000 employees, including 160,000 in Europe, BNP Paribas is a leading European provider of financial services on a worldwide scale. It ranks highly in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment Banking. In Retail Banking, the Group has four domestic markets: Belgium, France, Italy and Luxembourg. BNP Paribas is rolling out its integrated model across the Europe-Mediterranean zone and boasts a large network in the United States. BNP Paribas Personal Finance is the leader in consumer lending in Europe. In its Corporate & Investment Banking and Investment Solutions activities, BNP Paribas also enjoys top positions in Europe and solid and fast-growing businesses in Asia.
*Within its peer group