We began our life as a European bank. We became a dominant force in Europe – further strengthened by our acquisition of Fortis – and have continued growing to become a leading international bank with an increasingly global presence and strength in all the major markets. Our history of steady, organic growth and rigorous risk management has left us with strong foundations, diversified interests and a very bright future.
Our origins stem from a series of mergers of European banks, all of which have long histories – the earliest dating back to 1863. The present organisation was created through the merger in May 2000 of Banque Nationale de Paris (BNP) and Paribas (formerly Banque de Paris et des Pays-Bas).
Our bank is currently organised into three, independently successful and complementary, business streams – Retail Banking, Investment Solutions and Corporate & Investment Banking (CIB). CIB now accounts for approximately one-third of the Group's total income and this is forecast to rise in the coming years as CIB’s international franchise grows.
In 2006, we acquired the Italian bank Banca Nazionale del Lavoro (BNL) enabling us to build a very strong base in Italy to add to our market-leading presence in France. In 2008 we acquired Bank of America's equity prime brokerage business, allowing us to extend our global leadership in Equity Derivatives and further strengthen our worldwide presence.
In 2009, at a time when some leading corporate and investment banks have disappeared entirely, been acquired, liquidated, nationalised or are struggling under the weight of losses, BNP Paribas CIB has not been immune to the economic slowdown but has fared better than most. We have shown great resilience in the face of market instability, remaining focused on delivering high-quality advice and solutions to our clients. This resilience is partly attributable to the strength we gain from being part of a large, stable, balanced group of businesses. It is also a function of our client-centric model that emphasises commitment to clients over the long term. And it is the result of our attitude to risk. BNP Paribas CIB relies on a selective credit policy with over 95% of our exposure ranked as excellent, good or average. Our prudence in sectors such as sub-prime and leveraged buy-outs and real estate has also contributed to our ability to resist the worst effects of the market turbulence of recent times.
In fact, we have continued to expand. In 2009 BNP Paribas Group acquired Belgian giant Fortis Bank, making us the largest bank in the Eurozone and almost doubling our assets under management. The acquisition will further strengthen both the Group’s retail and commercial platform in Europe and add even greater stability to BNP Paribas CIB’s international expansion.
Our future
The BNP Paribas CIB culture is a legacy of our origins. The merger of a bank with a very strong balance sheet, and a determined and intellectually-oriented investment bank, has created a daring and entrepreneurial, banking powerhouse that keeps its clients at the heart of its business model.
