BNP Paribas Expands Operations In Ireland

by Carla Johnson, Investors Offshore.com

13 September 2001

Business appears to be booming for BNP Paribas with a gross operating income increase of 7.6 per cent this 2nd quarter from the same period last year which is a very positive outcome for the company considering the recent slowing down of the world economy and the bearish financial markets.

Indeed, plans are underway to expand its operations in Dublin's International Financial Services Centre with the creation of at least 50 new jobs. BNP Paribas Securities Services, a wholly-owned subsidiary of the French-based bank, has established offices in Dublin. Services are on offer via BNP Paribas Securities Services Dublin which will offer trustee and custody services to Irish domiciled funds, and BNP Paribas Fund Services (Ireland) will offer transfer agency services, fund administration and depository banking.

BNP's first half 2001 gross operating income rose 5.2% compared to the first half 2000. The cost/income ratio was stable at 61% which BNP Paribas says testifies to its improved competitive position compared to its leading competitors.

Mr Michel Laurent, head of European investor services at BNP Paribas, told local newspaper the Irish Times that BNP Paribas can now offer securities services in 10 out of the 12 euro zone markets. The subsidiary is now one of the largest global custodians within the euro zone with assets worth around £1,575 billion and a work force of 2,000. BNP Paribas's rivals in Dublin include Deutsche Bank, AIB/Bank of New York, Chase, Citibank and Bank of Ireland. 'It is our ambition to join the league of the top five,' Mr Laurent said.

BNP Paribas has been operating in Dublin since 1973 and is one of the largest foreign banks in Ireland with a clientele involving major Irish and international companies, non-resident multinationals, and international commodities trading companies.

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