BNP Paribas targetting to double revenue in next 5 yrs

Foreign lender BNP Paribas India is aiming to double its revenue from India in the next five years and develop more footprints, top officials of the bank today said.

The bank's total global business revenue during the first nine months this calendar year was 33 billion euros of which one per cent is contributed by its operations in India, Jacques Michel, CEO and Country Head of BNP Paribas India and Andreas Lambropoulos, Head of Strategy and Business Development, told reporters here.

"The object is to double this to 2 per cent in the next five years," they said.

The bank's total revenue in 2009 was 40 billion euros. The revenue this year has seen a growth of 11.4 per cent, Michel said.

BNP Paribas is a leading player in Corporate and Investment banking offering Indian companies and institutions solutions across various business such as first income and Debt Capital Markets, Corporate Finance, Structural Finance, Energy and Commodity Finance among others. It also offers Wealth management solutions.

The bank, which is celebrating 150 years of its existence in India this year, has four joint ventures and one partnership in India and plans to bring out more products with existing partners.

Andreas said, "India is an important place for our strategy. We want to develop more footprints in this market".

BNP Paribas has partnered with Geojit in Kerala since 2007 to form the Geojit BNP Paribas Financial Services, which is a retail financial service company serving over half a million clients through 530 branches in the country and over Rs 13,000 crore in assets under management.

C J George Managing Director of Geojit BNP Paribas Financial Services, said the partnership through the infusion of innovation, technology and best practises has proved highly beneficial.