October 05, 2005
BNP Paribas Guards its Treasure
BNP ExCo member Alain Papiasse spoke to the SCMP yesterday in Hong Kong, disclaiming any desire on the part of the banking group to follow in the footsteps of RBS, HSBC, or BofA in plunking down large sums of cash on the mainland:
"The only thing that the group is not comfortable with is spending billions to invest in a small stake of anything," said Mr Papiasse. "If we are not in control, then we prefer a moderate investment."
He said there were now two types of foreign banks looking for opportunities on the mainland.
"The first type would try to invest a lot of money for a very small stake in a large national bank, while the second type would rather invest a small amount in a small regional bank. We definitely belong to the second group."
BNP further disclosed its interest in online (retail) broking in both China and India, and said that a China bank deal (thought as we have previously highlighted to be Nanjing City Commercial Bank) could be announced "within weeks."
Posted by The Banker at October 5, 2005 01:15 PM
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