BNP Paribas to boost investment banking business in Germany: paper
Saturday, 18 August 2012 | 00:00
BNP Paribas (BNPP.PA) is aiming for a top-five ranking amongst investment banks in Germany, helped by the strong presence of its Fortis unit there, the French bank's new country head for Europe's largest economy said in a newspaper interview on Friday.
That would represent a big leap for BNP, at least in the mergers and acquisitions league tables, where the bank ranked 20th in Germany over the last 12 months, according to Thomson Reuters data.
"In Germany the banking market is growing more rapidly than GDP," Torsten Murke told French business daily Les Echos. "We owe it to ourselves to be more present in this country."
Murke, who joined BNP in 2011 from Credit Suisse (CSGN.VX), was named in March to replace Joachim von Schorlemer, who left as German country head because of what the bank said at the time were differences over corporate strategy.
He is hoping to boost BNP's German market share in part thanks to it having a host of regional business centers once belonging to Dutch-Belgian group Fortis which BNP acquired following the 2008 banking crisis.
"Our target at the moment we acquired Fortis was to have 250 clients on the horizon by 2017," Murke was quoted as saying. "We should manage that well before that date."
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