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BNP forms bank subsidiary
http://www.sina.com.cn 2003/11/27 14:13  Shanghai Daily

  BNP Paribas SA announced the set-up of its wholly-owned banking subsidiary in Shanghai yesterday after acquiring the remaining stake in its previous joint venture with the Industrial and Commercial Bank of China.

  The French financialsgroupssaid that it has completed the purchase of a 50 percent stake in the International Bank of Paris and Shanghai from ICBC, the largest lender on China's mainland, and renamed it as BNP Paribas (China) Ltd.

  Founded in 1992, IBPS was formed as a 50-50 joint-venture bank with a registered capital of 272 million yuan (US.85 million).Michel Pebereau, chairman of BNP Paribas, said that it was the Frenchsgroupsthat asked ICBC to sell its 50 percent stake in IBPS to them.

  "It is the right time to further develop and integrate our banking business on China's mainland through a new set up," said Pebereau.

  With the partial opening of the domestic banking market following China's entrysintosthe World Trade Organization, BNP Paribas has seen tremendous opportunities for expanding the scope of business and strengthening its presence by establishing a wholly-owned bank, he said.

  In a bid to sharpen the new bank's presence in the market, BNP Paribas has raised the bank's capital base to 555 million yuan.BNP Paribas China can conduct banking services such as renminbi business for foreign-funded enterprises and foreign nationals as well as foreign currency businesses for all types of customers.Meanwhile, Xie Haitao, chief executive officer of BNP Paribas China, said that the two parties in the previous banking joint venture had the intention to split.

  "Currently, joint-venture banks on the Chinese mainland enjoy treatment as overseas lenders, which would not benefit both domestic and overseas partners," said an official of Qingdao International Bank, who declined to be named.

  The mainland banking market will be fully opened to overseas financial institutions by December 2006. Currently, foreign banks can conduct a limited number of services in a few cities on China's mainland.

  However, BNP Paribas did see some benefits from its previous marriage with the ICBC.

  "The cooperation with ICBC in the joint venture bank in the past has been a very fruitful one which has enabled BNP Paribas to acquire extensive experience in banking operation and services in China," said Pebereau.

  Meanwhile, BNP Paribas also announced yesterday that its securities joint venture has obtained approval from the China Securities Regulatory Commission to commence business.

  The French financialsgroupscontrols 33.3 percent of Shanghai-based Changjiang BNP Paribas Peregrine Securities Co with a registered capital of 600 million yuan. Hubei Province-based Changjiang Securities Co holds the remainder.




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