BNP Paribas Group
| BNP Paribas Group | |
| |
| Founded | 2000 |
|---|---|
| Headquarters | Paris, France |
| Key People | Jean-Laurent Bonnafé, CEO |
| Products | Banking and financial services provider |
| Website | www.bnpparibas.com |
BNP Paribas, based in Paris, France, is the European Union’s leading bank, operating in 63 countries with nearly 183,000 employees. Its three main fields of activity are: Commercial, Personal Banking & Services; Investment & Protection Services; and Corporate & Institutional Banking.[1]
Its subsidiaries include Bank of the West, First Hawaiian Bank and L’Atelier BNP Paribas.[2]
In 2022, BNP agreed to sell its Bank of the West unit to Bank of Montreal for $16 billion in cash.
History[edit]
BNP Paribas was founded in 2000 as a result of a merger between Banque Nationale de Paris (BNP) and Paribas.
In December of 2008, The European Commission cleared the acquisition of the Belgian and Luxembourg banking arms of finance group Fortis by BNP Paribas.[3]
On June 30, 2014, BNP Paribas pleaded guilty to two felony counts as part of a record $8.83 billion deal to settle an investigation into alleged violations of U.S. sanctions against Sudan, Iran and Cuba.[4] The Justice Department and other authorities had been pushing the bank to plead guilty and pay a $10 billion fine.[5] [6]
The Manhattan District Attorney's office and other agencies had been investigating the bank for years. The bank admitted to criminal charges of filing false business records and conspiracy. In addition to the $8.83 billion penalty, a record in a sanctions case, the settlement also includes a temporary ban on dollar-clearing transactions, and the cutting of ties with some employees.
U.S. authorities had originally proposed placing an immediate long-term ban on BNP’s dollar-clearing function. Instead, BNP will be barred from processing oil and gas transactions in dollars for a year, beginning Jan. 1, 2015. The agreement spared other forms of dollar-based transactions.[7]
Acquisitions and Partnerships[edit]
In June 2023, BNP Paribas and Orange entered into exclusive negotiations to define a referral partnership for Orange Bank’s customer portfolio in France, develop financing solutions for mobile devices, and discuss the terms of a takeover of Orange Bank’s business in Spain. As a result of the negotiations, Orange selected BNP Paribas to offer banking for its customers in France and Spain.[8]
In August 2024, the bank entered into exclusive talks to buy the investment-management arm of the insurer AXA and reach a long-term partnership for 5.1 billion euros ($5.52 billion). The deal if completed would create a European asset-management giant.[9]
Products[edit]
BNP Paribas offers investment products and services through BNP Paribas Securities Corporation, a wholly owned subsidiary of BNP Paribas, S.A.[10]
Key People[edit]
- Jean-Laurent Bonnafé, Chief Executive Officer
- Jean Lemierre, Chairman of the Board of Directors
- Yann Gérardin, Chief Operating Officer, Corporate & Institutional Banking
- Thierry Laborde, Chief Operating Officer, Retail Banking
- Laurent David, Deputy Chief Operating Officer
References[edit]
- ↑ About BNP Paribas. BNP Paribas Group.
- ↑ Our Brands and Subsidiaries. BNP Paribas.
- ↑ EC Clears BNP Paribas' Acquisition Of Fortis Assets. China View.
- ↑ BNP Paribas Dollar-Clearing Ban Said to Start in 2015. Bloomberg.
- ↑ BNP Agrees to Pay Over $8.8 Billion to Settle Sanctions Probe. The Wall Street Journal.
- ↑ Societe Generale Chief Plays Down BNP Paribas Probe. The Wall Street Journal.
- ↑ After Loud Complaints From French, Silence as BNP Penalty Is Announced. The New York Times.
- ↑ Orange and BNP Paribas conclude their exclusive negotiations by signing several agreements. BNP Paribas.
- ↑ BNP Paribas in Exclusive Talks for $5.52 Billion Deal for AXA’s Investment-Management Arm. The Wall Street Journal.
- ↑ Our Businesses. BNP Paribas.