BNP Paribas’ top line is rising handily. That’s partly because CEO Jean-Laurent Bonnafé has tilted the lender away from French retail banking. A valuation premium to local rival Société Générale looks assured, writes LiamWardProud
Chief Executive Jean-Laurent Bonnafé, who is approaching his 11-year anniversary in the role, deserves credit for helping BNP to defy the lending malaise at home. His new strategy,in February, focuses on boosting growth in racier areas like car finance, wealth management and trading. The bank has built up a large international business spanning Belgium, Italy, Poland and elsewhere.
Net interest income in its domestic French business, called commercial and personal banking, was up 5% year-on-year.Editing by George Hay and Pranav KiranOpinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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