BNP Paribas aims to grown in Africa via new SA branch.

By bne IntelliNews June 14, 2012
French banking group BNP Paribas, which was recently granted a licence to set up its first fully fledged branch in South Africa, said it would use the country as a platform to boost its presence in English-speaking countries in sub-Saharan Africa, where it is under-represented, Business Day reported. BNP Paribas South African branch will focus on investment and corporate banking. It has no plans of entering the retail banking sector. In the investment and corporate segment, BNP Paribas main competitors in the region will be JPMorgan, Citi and Standard Chartered Bank. BNP Paribas bought last year 60% of Cadiz Securities, the securities unit of South African financial services group Cadiz Holdings, which enabled the group to have a fully fledged equities business in South Africa.

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