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BNP Paribas

January 03, 2023

BNP Paribas is a French international banking group, founded in 2000 from the merger between Banque Nationale de Paris (BNP, "National Bank of Paris") and Paribas, formerly known as the Banque de Paris et des Pays-Bas. The full name of the group's parent entity is BNP Paribas S.A.

BNP Paribas S.A.
The registered office of BNP Paribas is the former headquarters of BNCI at 16, boulevard des Italiens in Paris
TypeSociété Anonyme
Euronext Paris: BNP
CAC 40 Component
IndustryFinancial services
Predecessor
Founded1848; 174 years ago (1848) (Comptoir National d'Escompte de Paris, predecessor of BNP)
1872 (Banque de Paris et des Pays-Bas, later called Paribas)
2000 (as BNP Paribas)
HeadquartersBoulevard des Italiens, Paris, France
Area served
Worldwide
Key people
ProductsInvestment banking, corporate banking, securities services, asset management, consumer banking, credit cards, mortgage loans, private banking, wealth management
Revenue €46.2 billion (2021)[2]
€12.2 billion (2021)[2]
€9.5 billion (2021)[2]
Total assets €2.6 trillion (2021)[2]
Total equity €117.9 billion (2021)[2]
Number of employees
190,000 (2022)[2]
Websitegroup.bnpparibas

With 190,000 employees as of February 2021, the bank is organized into three major business areas: Commercial, Personal Banking & Services (CPBS), Investment & Protection Services (IPS) and Corporate & Institutional Banking (CIB).

The group is listed on the first market of Euronext Paris and a component of the Euro Stoxx 50 stock market index,[3] while it also included in the French CAC 40 index.

BNP Paribas is the largest banking group in Europe, after HSBC, and ninth largest Banking group in the world, essentially a bulge bracket. It became one of the five largest banks in the world following the 2008 financial crisis.[4] Despite some legal difficulties in 2014, including being fined the largest ever sum as reparation for violating U.S. sanctions,[5] it remains one of the ten largest banks worldwide.[6] It is considered a systemically important bank by the Financial Stability Board.[7]

History

BNP Paribas results from a series of French and international mergers. Particularly notable were the merger of Comptoir national d'escompte de Paris and Banque nationale pour le commerce et l'industrie that formed BNP in 1966, and the latter's merger with Paribas in 1999–2000. Other significant recent transactions involved the acquisitions by BNP Paribas in 2006 of Banca Nazionale del Lavoro in Italy, and in 2008 of Fortis in Belgium and the Netherlands.

Banque Nationale de Paris (BNP)

Main articles: Comptoir national d'escompte de Paris and Banque nationale pour le commerce et l'industrie
 
Former headquarters of the Comptoir national d'escompte de Paris, now seat of BNP Paribas Asset Management

On 7 March 1848, the French Provisional Government founded the Comptoir national d'escompte de Paris (CNEP) in response to the financial shock caused by the revolution of February 1848. The CNEP soon developed the largest international network of any French bank.

BNCI resulted from the combination over time of a number of pre-existing banks: the Banque franco-égyptienne (est. 1870), which in 1889 became the Banque internationale de Paris; the Banque française d'Afrique du Sud (est. 1895); and the Banque Nationale de Crédit (est. 1912).

After the end of the Second World War, the French state decided to "put banks and credit to work for national reconstruction". René Pleven, then Minister of Finance, launched a massive reorganization of the banking industry. A law passed on 2 December 1945 and which went into effect on 1 January 1946 nationalized the four leading French retail banks: Banque nationale pour le commerce et l'industrie (BNCI), Comptoir national d'escompte de Paris (CNEP), Crédit Lyonnais, and Société Générale.

In 1966, the French government decided to merge Comptoir national d'escompte de Paris with Banque nationale pour le commerce et l'industrie to create one new bank called Banque Nationale de Paris (BNP).

The bank was re-privatised in 1993 under the leadership of Michel Pébereau as part of a second Chirac government's privatization policy.[8][9]

Banque de Paris et des Pays-Bas (known from 1982 as Paribas)

See also: Paribas and Bischoffsheim family
 
Hotel de Mondragon in Paris, the former seat of Paribas, now executive office of BNP Paribas

Banque de Paris et des Pays-Bas (Paribas) was established on 27 January 1872, through the merger of Banque de Crédit et de Dépôt des Pays-Bas, whose origins go back to the bank established in 1820 by Louis-Raphaël Bischoffsheim (1800–1873) in Amsterdam, and Banque de Paris, which had been founded in 1869 by a group of Parisian bankers. It went on to develop a strong investment banking business both domestically in France and overseas.

During the period 1872 to 1913, it was involved in raising funds for the French and other governments as well as big businesses through a number of bond issues. It helped the French government raise funds during the First World War and raised further capital and expanded into investments into industrial companies during the Great Depression. It stagnated and lost assets during the Second World War.

After World War II, it escaped the nationalisation of other French banks due to its status as an investment bank and managed to take advantage of that by expanding its operations overseas. It also directs its activity towards businesses and participates in the development and restructuring of French industry, including names such as Groupe Bull and Thomson-CSF.

The bank was nationalized in 1982 by the government of Pierre Mauroy under François Mitterrand as part of a law that nationalized five major industrial companies, thirty-nine registered banks, and two financial companies, Suez and Paribas. It was re-privatized in January 1987 by the Chirac government.

In the 1990s, Paribas had an active policy of acquisitions and divestiture. This included selling the Ottoman Bank to Doğuş Holding, and setting up the joint venture lending company Cetelem in Germany. It sold Crédit du Nord to Société Générale and in 1998 it merged with Compagnie Bancaire, renaming the bank with the official name Compagnie Financière de Paribas.

Founding of BNP Paribas

 
Michel Pébereau, CEO of BNP from 1993, was the architect of the merger with Paribas and chaired the merged entity until 2011
 
Former headquarters of Banca Nazionale del Lavoro in Rome
 
Former headquarters of Fortis in Brussels, previously seat of Generale Bank

In 1999, BNP and Société Générale fought a complex battle on the stock market, with Société Générale bidding for Paribas and BNP bidding for Société Générale and counter-bidding for Paribas. BNP's bid for Société Générale failed, while its bid for Paribas succeeded leading to a merger of BNP and Paribas one year later on 23 May 2000.

In 2006, BNP Paribas purchased Banca Nazionale del Lavoro (BNL), Italy's sixth largest bank.

On 9 August 2007, BNP Paribas became the first major financial group to acknowledge the impact of the sub-prime crisis by closing two funds exposed to it. This day is now generally seen as the start of the credit crisis and the bank's quick reaction saved it from the fate of other large European banks such as UBS.[10][11]

On 6 October 2008, BNP took over 75% of troubled bank Fortis' activities in Belgium, and 66% in Luxembourg, in exchange for the Belgian government becoming the new group's major shareholder. The sales of the Fortis shares was suspended by a court order from the Court of Appeal on Friday 12 December[12][13]

On 14 December 2008, BNP announced it could lose €350 million as a victim of the Madoff fraud.[14]

In the end of January, the Belgian government and BNP negotiated for a 75% partnership in Fortis Bank Belgium. Fortis Insurance Belgium would be reintegrated in Fortis Holding.[15]

On 11 February, Fortis' shareholders decided that Fortis Bank Belgium and Fortis Insurance Belgium should not become property of BNP Paribas. However the acquisition was completed and BNP Paribas took 75% share holding and renamed the new subsidiary BNP Paribas Fortis. After this only Fortis Insurance International was left in Fortis Holding and this was renamed as Ageas, a business that had Insurance all over Europe and Asia. The remaining Fortis Bank Netherlands was in the hands of the Dutch Government which merged it with other ABN AMRO holdings it already owned under the name ABN AMRO.

In May 2009, BNP Paribas became the majority shareholder (65.96%) of BGL (formerly Fortis Bank Luxembourg), the State of Luxembourg retaining 34% making BNP the eurozone's largest bank by deposits held.[16]

On 21 September, the bank's registered name was changed to BGL BNP Paribas and in February 2010, BGL BNP Paribas became the 100% owner of BNP Paribas Luxembourg. The transfer was finalised on 1 October 2010 with the incorporation of BNP Paribas Luxembourg's business in the operational platforms of BGL BNP Paribas.[17] In 2013 BNP Paribas was awarded the Bank of the Year award by The International Financing Review ("IFR"), Thomson Reuters' leading financial industry publication. The IFR awards are a key industry benchmark and Bank of the Year is the top honour awarded.[18][19][20]

BNP Paribas reached an agreement in December 2013 to acquire Rabobank's Polish unit BGZ Bank for around $1.4 billion.[21] In September 2014, BNP completed the purchase of BGZ Bank for a final fee stated in the media to be $1.3 billion.[22]

In June 2014, BNP Paribas pleaded guilty to falsifying business records and conspiracy, having violated U.S. sanctions against Cuba, Iran, and Sudan. It agreed to pay an $8.9 billion fine, the largest ever for violating U.S. sanctions at that time.[23][5]

In December 2021, BNP Paribas announced to exit US retail banking business by selling its Bank of the West to the Bank of Montreal for $16.3bn.[24]

Financial data

In 2021, total revenues of €46.2 billion represent an increase of 4.4% compared to 2020, BNP Paribas remains at the top of the French banks' ranking in terms of activity. During this year, BNP Paribas Group net income attributable to equity holders increased to 34.3% (to 9.5 billion euros).

The geographic breakdown of Net Banking Income (NBI) at the end of 2020 is as follows: Europe (72.2%), North America (12.9%), Asia Pacific (8.6%) and others (6.3%).[25]

Financial data in € billions[26]
Year 2013 2014 2015 2016 2017 2018 2019 2020 2021
Revenue 38.822 39.168 42.938 43.411 43.161 42.516 44.597 44.275 46.235
Net Income 5.439 0.507 7.044 8.115 8.207 7.526 8.173 7.067 9.488
Assets 1,800.139 2,077.759 1,994.193 2,076.959 1,960.252 2,040.836 2,164.713 2,488.491 2,634.444
Employees 184,545 187,903 189,077 192,418 196,128 202,624 198,816 193,319 189,765

Corporate identity

The BNP Paribas logo since 2000 (designed by Laurent Vincent under the leadership of the Communications Director, Antoine Sire) is called the "courbe d'envol" (curve of taking flight). The stars allude to Europe and universality. The transformation of the stars into birds conveys openness, freedom, growth, and the ability to change and adapt. The shape and movement of the curve places the logo in the universe of life. The green square symbolises nature and optimism.

Corporate structure

Executive Committee

The General Management and the executive committee are composed as follows:

  • Jean-Laurent Bonnafé, Director and chief executive officer of BNP Paribas
  • Yann Gérardin, directeur général délégué, Chief Operating Officer, Corporate & Institutional Banking
  • Thierry Laborde, directeur général Délégué, Chief Operating Officer, Retail Banking
  • Laurent David, Deputy Chief Operating Officer
  • Renaud Dumora, Deputy Chief Operating Officer, Investment & Protection Services
  • Marguerite Bérard, Head of French Retail Banking
  • Stefaan Decraene, Head of International Retail Banking
  • Charlotte Dennery, Director and chief executive officer of BNP Paribas Personal Finance
  • Bernard Gavgani, Chief Information Officer
  • Elena Goitini, chief executive officer of BNL
  • Nathalie Hartmann, Head of Compliance
  • Max Jadot, CEO and chairman of the executive board of BNP Paribas Fortis.
  • Yannick Jung, Head of Corporate & Institutional Banking Global Banking EMEA
  • Pauline Leclerc-Glorieux, Director and chief executive officer of BNP Paribas Cardif
  • Lars Machenil, Chief Financial Officer
  • Sofia Merlo, Head of Human Resources
  • Olivier Osty, Head of Corporate & Institutional Banking Global Markets
  • Franck Roncey, Chief Risk Officer
  • Antoine Sire, Head of Company Engagement

Board of directors

As of 17 May 2021:[27]

Other Corporate Officers

  • Yann Gérardin, Chief Operating Officer of BNP Paribas in charge of CIB
  • Thierry Laborde, Chief Operating Officer of BNP Paribas in charge of Commercial, Personal Banking & Services

Major shareholders June 2021

  • Belgian State (through SFPI) (7.7%)[28]
  • Blackrock Inc. (6.0%)
  • Grand Duchy of Luxembourg (1.0%)
  • Employees (4.3%)
  • Retail shareholders (4.2%)
  • European institutional investors (43.4%)
  • Non-European institutional investors (31.4%)
  • Other and unidentified (2.0%)

Main subsidiaries

Retail banking

 
Italian Headquarters in Milan

Other subsidiaries

Controversies

Antisemitic allegations

In 2016 BNP reached a $40m settlement with a Jewish employee.[35] The employee had been made to watch a training video. The film portrayed Adolf Hitler as the CEO of Deutsche Bank, one of BNP's competitors and the Nazi soldiers around him as Deutsche Bank executives. The video showed Hitler screaming at the soldiers. Also, his colleagues made a number of anti-semitic comments during his time at BNP Paribas.[36]

Business with sanctioned countries: $8.9 billion fine

On 30 May 2014, The Wall Street Journal reported that the United States Department of Justice was negotiating a possible guilty plea with BNP Paribas as well as the size of the resulting fine for violating U.S. regulations and evading US sanctions. The Justice Department sought a fine of more than US $10 billion, which was expected to be reduced to $8 or $9 billion in negotiations.[37] BNP Paribas was said to have laundered up to US$100 billion from the sanctioned countries of Sudan, Iran, and Cuba.[38]

On 1 July 2014, BNP Paribas pled guilty in a New York state court to falsifying business records as well as conspiracy in connection to those falsifications. It was also expected to plead guilty in federal court to violating laws against money-laundering.[39] It agreed to pay $8.9 billion, the largest fine ever for violating U.S. sanctions, and substantially more than the previous record of $1.9 billion.[23][39] BNP Paribas was also barred for one year under the plea agreement from certain US dollar-dominated transactions. The fine exceeded the bank's $6.4 billion 2013 annual income and the $1.1 billion it previously had allocated for the anticipated fine.[39][40]

The bank's failure to cooperate with the multi-year investigation was given as a significant factor in the size of the fine. Additionally, BNP Paribas continued to process sanctioned transactions after the investigation began. About 30 employees left the bank as a result of the investigation.[39] According to the FBI's New York Field Office and Chief Richard Weber of the Internal Revenue Service-Criminal Investigation (IRS-CI) "BNPP deliberately disregarded the law and provided rogue nations, and Sudan in particular, with vital access to the global financial system, helping that country's lawless government to harbor and support terrorists and to persecute its own people. Today's sentence demonstrates that financial institutions will be punished severely but appropriately for violating sanctions laws and risking our national security interests."[41]

After the fine was announced, BNP said it would be "just fine" and that it had "a comprehensive plan" to avoid similar violations in the future. The company's stock, which had fallen 12% since news of the investigation first leaked, rose 4% on the announcement.[39][40] To comply with the transaction ban, BNP Paribas will use a third party to clear its US transactions. Standard & Poor's said it was reviewing the bank's financial standing in light of the fine and penalties for a possible downgrade.[39]

Russian president Vladimir Putin alleged that the US government was using the case to punish France for selling Mistral amphibious assault ships to Russia. He said the large fine and the imposition of sanctions on the French bank were the result of US displeasure with France's decision not to stop the sale.[42] Former European Central Bank president Jean-Claude Trichet had previously said that a large fine was neither fair nor proportionate to the violations and could disrupt the global banking system.[39]

Check processing

In 2010 the French government's Autorité de la concurrence fined BNP and 10 other banks €384 million for colluding to charge unjustified fees on check processing, including extra fees during the transition from paper check transfer to "Exchanges Check-Image" electronic transfer.[43] On 19 January 2011 BNP sued Russian grain trader, OOO Rosinteragroservis, and its subsidiary OAO Kubankhlebprodukt, claiming US$20 million in debts and penalties.[44]

Discrimination

In January 2022, a female banker was awarded £2M after the UK employment tribunal concluded that she had endured years of direct sex discrimination and victimisation.[45] Her complaints include harassment and being paid thousands of pounds less than male colleagues in the same role.[46]

Financing private prisons

In 2017, ICCR and the Families Belong Together Coalition began confronting banks about the human rights risks which accompany sponsoring the private prison industry.[47] In 2019, BNP Paribas and other banks disengaged from the private prison industry.[48]

€152 million risk management affair

The German Frankfurter Allgemeine Zeitung[49] FOCUS,[50] Bloomberg[51] and the French Les Échos[52] newspapers published an article regarding a €152 million mistrade (erroneous trade) in which BNP Paribas Arbitrage was allegedly involved.[53][54] The bank has sold securities for €326,400 to the investor Armin S. but the value of the securities is €163 million according to the bank.

According to the article, the error remained unnoticed for several days. BNP has even reconfirmed the original price. However, a trade-cancellation was only possible until the next day according to prevailing erroneous trade rules.

Michael Lusk published an article regarding this case with the title "Do banks' internal control system work?"[55]

A solicitor for Armin S., Mario Bögelein, stated in the article that a bank not recognizing an error of this magnitude should not be protected by law.[53][56][57]

The Financial Times published an article in March 2018 about the case with the title "BNP Paribas failed to book trades in Germany for a week". It cites internal documents that show it did not book all trades that happened in structured products in Germany from 2 to 9 December 2015. The Financial Times estimates that 8,500 trades might have been affected. It also questions if the bank has hedged their positions if the trades have not been booked. Armin S. is cited with the words "I don't think it's fair if on the one hand, BNP wants to rely on statutory safeguard clauses but on the other hand they ignored all control-tasks imposed by the regulators – ECB, BaFin and AMF – for a whole week".[58][59] ArminS vs BNP Paribas - 152m EUR risk management affair

Armin S also filed a claim for €152 million in Paris because the relevant jurisdiction is still unknown.[60]

Sponsorship

BNP Paribas has been a major sponsor of tennis. In 1973 it became the major sponsor of the French Open, one of the four prestigious Grand Slam tournaments in the sport. In 2001 the bank began to sponsor the Davis Cup before becoming the title sponsor in 2002. In 2002 it became the sponsor of the Paris Masters, an ATP World Tour Masters 1000 tournament. In 2008 it became the sponsor of the BNP Paribas Primrose Bordeaux, an ATP Challenger Tour tournament. The company's sponsorship expanded to the United States in 2009 when it became the title sponsor of the Indian Wells Masters, an ATP World Tour Masters 1000 two-week tournament in California. It also sponsored the BNP Paribas Showdown and BNP Paribas Tennis Classic exhibition tournaments held in New York City and London respectively. The Stanford Classic, since 1992, is instead directly sponsored by the Bank of the West subsidiary.

See also

References

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  2. ^ a b c d e f "RESULTS AS AT 31 DECEMBER 2021".
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  53. ^ a b Online, FOCUS. "Bank-Irrtum zu seinen Gunsten". from the original on 8 July 2016. Retrieved 7 July 2016.
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External links

  Media related to BNP Paribas at Wikimedia Commons

  • Official website  
  • List of branches and ATMs of BNP Paribas in France (with addresses, contacts and agencies opening hours)
  • Source d'Histoire, the website of the Archives and History department in BNP Paribas

January 03, 2023
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This article reads like a press release or a news article and may be largely based on routine coverage Please expand this article with properly sourced content to meet Wikipedia s quality standards event notability guideline or encyclopedic content policy September 2022 BNP Paribas is a French international banking group founded in 2000 from the merger between Banque Nationale de Paris BNP National Bank of Paris and Paribas formerly known as the Banque de Paris et des Pays Bas The full name of the group s parent entity is BNP Paribas S A BNP Paribas S A The registered office of BNP Paribas is the former headquarters of BNCI at 16 boulevard des Italiens in ParisTypeSociete AnonymeTraded asEuronext Paris BNP CAC 40 ComponentIndustryFinancial servicesPredecessorBanque Nationale de ParisParibasFounded1848 174 years ago 1848 Comptoir National d Escompte de Paris predecessor of BNP 1872 Banque de Paris et des Pays Bas later called Paribas 2000 as BNP Paribas HeadquartersBoulevard des Italiens Paris FranceArea servedWorldwideKey peopleJean Lemierre 1 Chairman Jean Laurent Bonnafe CEO Michel PebereauBaudouin ProtThierry LabordeRenaud DumoraYann GerardinLaurent DavidProductsInvestment banking corporate banking securities services asset management consumer banking credit cards mortgage loans private banking wealth managementRevenue 46 2 billion 2021 2 Operating income 12 2 billion 2021 2 Net income 9 5 billion 2021 2 Total assets 2 6 trillion 2021 2 Total equity 117 9 billion 2021 2 Number of employees190 000 2022 2 Websitegroup bnpparibasWith 190 000 employees as of February 2021 the bank is organized into three major business areas Commercial Personal Banking amp Services CPBS Investment amp Protection Services IPS and Corporate amp Institutional Banking CIB The group is listed on the first market of Euronext Paris and a component of the Euro Stoxx 50 stock market index 3 while it also included in the French CAC 40 index BNP Paribas is the largest banking group in Europe after HSBC and ninth largest Banking group in the world essentially a bulge bracket It became one of the five largest banks in the world following the 2008 financial crisis 4 Despite some legal difficulties in 2014 including being fined the largest ever sum as reparation for violating U S sanctions 5 it remains one of the ten largest banks worldwide 6 It is considered a systemically important bank by the Financial Stability Board 7 Contents 1 History 1 1 Banque Nationale de Paris BNP 1 2 Banque de Paris et des Pays Bas known from 1982 as Paribas 1 3 Founding of BNP Paribas 2 Financial data 3 Corporate identity 4 Corporate structure 4 1 Executive Committee 4 2 Board of directors 4 3 Major shareholders June 2021 4 4 Main subsidiaries 4 4 1 Retail banking 4 4 2 Other subsidiaries 5 Controversies 5 1 Antisemitic allegations 5 2 Business with sanctioned countries 8 9 billion fine 5 3 Check processing 5 4 Discrimination 5 5 Financing private prisons 5 6 152 million risk management affair 6 Sponsorship 7 See also 8 References 9 External linksHistory EditBNP Paribas results from a series of French and international mergers Particularly notable were the merger of Comptoir national d escompte de Paris and Banque nationale pour le commerce et l industrie that formed BNP in 1966 and the latter s merger with Paribas in 1999 2000 Other significant recent transactions involved the acquisitions by BNP Paribas in 2006 of Banca Nazionale del Lavoro in Italy and in 2008 of Fortis in Belgium and the Netherlands Banque Nationale de Paris BNP Edit Main articles Comptoir national d escompte de Paris and Banque nationale pour le commerce et l industrie Former headquarters of the Comptoir national d escompte de Paris now seat of BNP Paribas Asset Management On 7 March 1848 the French Provisional Government founded the Comptoir national d escompte de Paris CNEP in response to the financial shock caused by the revolution of February 1848 The CNEP soon developed the largest international network of any French bank BNCI resulted from the combination over time of a number of pre existing banks the Banque franco egyptienne est 1870 which in 1889 became the Banque internationale de Paris the Banque francaise d Afrique du Sud est 1895 and the Banque Nationale de Credit est 1912 After the end of the Second World War the French state decided to put banks and credit to work for national reconstruction Rene Pleven then Minister of Finance launched a massive reorganization of the banking industry A law passed on 2 December 1945 and which went into effect on 1 January 1946 nationalized the four leading French retail banks Banque nationale pour le commerce et l industrie BNCI Comptoir national d escompte de Paris CNEP Credit Lyonnais and Societe Generale In 1966 the French government decided to merge Comptoir national d escompte de Paris with Banque nationale pour le commerce et l industrie to create one new bank called Banque Nationale de Paris BNP The bank was re privatised in 1993 under the leadership of Michel Pebereau as part of a second Chirac government s privatization policy 8 9 Banque de Paris et des Pays Bas known from 1982 as Paribas Edit See also Paribas and Bischoffsheim family Hotel de Mondragon in Paris the former seat of Paribas now executive office of BNP Paribas Banque de Paris et des Pays Bas Paribas was established on 27 January 1872 through the merger of Banque de Credit et de Depot des Pays Bas whose origins go back to the bank established in 1820 by Louis Raphael Bischoffsheim 1800 1873 in Amsterdam and Banque de Paris which had been founded in 1869 by a group of Parisian bankers It went on to develop a strong investment banking business both domestically in France and overseas During the period 1872 to 1913 it was involved in raising funds for the French and other governments as well as big businesses through a number of bond issues It helped the French government raise funds during the First World War and raised further capital and expanded into investments into industrial companies during the Great Depression It stagnated and lost assets during the Second World War After World War II it escaped the nationalisation of other French banks due to its status as an investment bank and managed to take advantage of that by expanding its operations overseas It also directs its activity towards businesses and participates in the development and restructuring of French industry including names such as Groupe Bull and Thomson CSF The bank was nationalized in 1982 by the government of Pierre Mauroy under Francois Mitterrand as part of a law that nationalized five major industrial companies thirty nine registered banks and two financial companies Suez and Paribas It was re privatized in January 1987 by the Chirac government In the 1990s Paribas had an active policy of acquisitions and divestiture This included selling the Ottoman Bank to Dogus Holding and setting up the joint venture lending company Cetelem in Germany It sold Credit du Nord to Societe Generale and in 1998 it merged with Compagnie Bancaire renaming the bank with the official name Compagnie Financiere de Paribas Founding of BNP Paribas Edit Michel Pebereau CEO of BNP from 1993 was the architect of the merger with Paribas and chaired the merged entity until 2011 Former headquarters of Banca Nazionale del Lavoro in Rome Former headquarters of Fortis in Brussels previously seat of Generale Bank In 1999 BNP and Societe Generale fought a complex battle on the stock market with Societe Generale bidding for Paribas and BNP bidding for Societe Generale and counter bidding for Paribas BNP s bid for Societe Generale failed while its bid for Paribas succeeded leading to a merger of BNP and Paribas one year later on 23 May 2000 In 2006 BNP Paribas purchased Banca Nazionale del Lavoro BNL Italy s sixth largest bank On 9 August 2007 BNP Paribas became the first major financial group to acknowledge the impact of the sub prime crisis by closing two funds exposed to it This day is now generally seen as the start of the credit crisis and the bank s quick reaction saved it from the fate of other large European banks such as UBS 10 11 On 6 October 2008 BNP took over 75 of troubled bank Fortis activities in Belgium and 66 in Luxembourg in exchange for the Belgian government becoming the new group s major shareholder The sales of the Fortis shares was suspended by a court order from the Court of Appeal on Friday 12 December 12 13 On 14 December 2008 BNP announced it could lose 350 million as a victim of the Madoff fraud 14 In the end of January the Belgian government and BNP negotiated for a 75 partnership in Fortis Bank Belgium Fortis Insurance Belgium would be reintegrated in Fortis Holding 15 On 11 February Fortis shareholders decided that Fortis Bank Belgium and Fortis Insurance Belgium should not become property of BNP Paribas However the acquisition was completed and BNP Paribas took 75 share holding and renamed the new subsidiary BNP Paribas Fortis After this only Fortis Insurance International was left in Fortis Holding and this was renamed as Ageas a business that had Insurance all over Europe and Asia The remaining Fortis Bank Netherlands was in the hands of the Dutch Government which merged it with other ABN AMRO holdings it already owned under the name ABN AMRO In May 2009 BNP Paribas became the majority shareholder 65 96 of BGL formerly Fortis Bank Luxembourg the State of Luxembourg retaining 34 making BNP the eurozone s largest bank by deposits held 16 On 21 September the bank s registered name was changed to BGL BNP Paribas and in February 2010 BGL BNP Paribas became the 100 owner of BNP Paribas Luxembourg The transfer was finalised on 1 October 2010 with the incorporation of BNP Paribas Luxembourg s business in the operational platforms of BGL BNP Paribas 17 In 2013 BNP Paribas was awarded the Bank of the Year award by The International Financing Review IFR Thomson Reuters leading financial industry publication The IFR awards are a key industry benchmark and Bank of the Year is the top honour awarded 18 19 20 BNP Paribas reached an agreement in December 2013 to acquire Rabobank s Polish unit BGZ Bank for around 1 4 billion 21 In September 2014 BNP completed the purchase of BGZ Bank for a final fee stated in the media to be 1 3 billion 22 In June 2014 BNP Paribas pleaded guilty to falsifying business records and conspiracy having violated U S sanctions against Cuba Iran and Sudan It agreed to pay an 8 9 billion fine the largest ever for violating U S sanctions at that time 23 5 In December 2021 BNP Paribas announced to exit US retail banking business by selling its Bank of the West to the Bank of Montreal for 16 3bn 24 Financial data EditIn 2021 total revenues of 46 2 billion represent an increase of 4 4 compared to 2020 BNP Paribas remains at the top of the French banks ranking in terms of activity During this year BNP Paribas Group net income attributable to equity holders increased to 34 3 to 9 5 billion euros The geographic breakdown of Net Banking Income NBI at the end of 2020 is as follows Europe 72 2 North America 12 9 Asia Pacific 8 6 and others 6 3 25 Financial data in billions 26 Year 2013 2014 2015 2016 2017 2018 2019 2020 2021Revenue 38 822 39 168 42 938 43 411 43 161 42 516 44 597 44 275 46 235Net Income 5 439 0 507 7 044 8 115 8 207 7 526 8 173 7 067 9 488Assets 1 800 139 2 077 759 1 994 193 2 076 959 1 960 252 2 040 836 2 164 713 2 488 491 2 634 444Employees 184 545 187 903 189 077 192 418 196 128 202 624 198 816 193 319 189 765Corporate identity EditThis section does not cite any sources Please help improve this section by adding citations to reliable sources Unsourced material may be challenged and removed September 2022 Learn how and when to remove this template message The BNP Paribas logo since 2000 designed by Laurent Vincent under the leadership of the Communications Director Antoine Sire is called the courbe d envol curve of taking flight The stars allude to Europe and universality The transformation of the stars into birds conveys openness freedom growth and the ability to change and adapt The shape and movement of the curve places the logo in the universe of life The green square symbolises nature and optimism Corporate structure EditExecutive Committee Edit The General Management and the executive committee are composed as follows Jean Laurent Bonnafe Director and chief executive officer of BNP Paribas Yann Gerardin directeur general delegue Chief Operating Officer Corporate amp Institutional Banking Thierry Laborde directeur general Delegue Chief Operating Officer Retail Banking Laurent David Deputy Chief Operating Officer Renaud Dumora Deputy Chief Operating Officer Investment amp Protection Services Marguerite Berard Head of French Retail Banking Stefaan Decraene Head of International Retail Banking Charlotte Dennery Director and chief executive officer of BNP Paribas Personal Finance Bernard Gavgani Chief Information Officer Elena Goitini chief executive officer of BNL Nathalie Hartmann Head of Compliance Max Jadot CEO and chairman of the executive board of BNP Paribas Fortis Yannick Jung Head of Corporate amp Institutional Banking Global Banking EMEA Pauline Leclerc Glorieux Director and chief executive officer of BNP Paribas Cardif Lars Machenil Chief Financial Officer Sofia Merlo Head of Human Resources Olivier Osty Head of Corporate amp Institutional Banking Global Markets Franck Roncey Chief Risk Officer Antoine Sire Head of Company EngagementBoard of directors Edit As of 17 May 2021 27 Jean Lemierre chairman former president of the European Bank for Reconstruction and Development Jean Laurent Bonnafe CEO of BNP Paribas Jacques Aschenbroich chairman and CEO of Valeo Pierre Andre de Chalendar chairman and CEO of Saint Gobain Monique Cohen partner at Apax Partners Wouter De Ploey CEO of ZNA Hugues Epaillard BNP Paribas Real Estate executive Rajna Gibson Brandon professor at the University of Geneva Marion Guillou global food security academic Denis Kessler chairman and CEO of SCOR SE Daniela Schwarzer director at the German Council on Foreign Relations Michel Tilmant former CEO of ING Sandrine Verrier economic advisor Jane Fields Wicker Miurin former Prudential plc executiveOther Corporate Officers Yann Gerardin Chief Operating Officer of BNP Paribas in charge of CIB Thierry Laborde Chief Operating Officer of BNP Paribas in charge of Commercial Personal Banking amp ServicesMajor shareholders June 2021 Edit Belgian State through SFPI 7 7 28 Blackrock Inc 6 0 Grand Duchy of Luxembourg 1 0 Employees 4 3 Retail shareholders 4 2 European institutional investors 43 4 Non European institutional investors 31 4 Other and unidentified 2 0 Main subsidiaries Edit Retail banking Edit Italian Headquarters in Milan BNP Paribas France more than 2 200 branches BNP Paribas Bulgaria BancWest Bank of the West in the USA BNP Paribas El Djazair Algeria BMCI Morocco Banca Nazionale del Lavoro BNL Italy Turk Ekonomi Bankasi TEB Turkey BNP Paribas Fortis Belgium Germany Poland Turkey BGL BNP Paribas Luxembourg Hello bank Sahara Bank Libya Ukrsibbank Ukraine BCI Mer Rouge Djibouti Banque de Wallis et Futuna Banque Internationale pour le Commerce et l Industrie du Senegal Senegal Bank BGZ BNP Paribas Poland Findomestic Serbia BNP PARIBAS Jordan Jordan Other subsidiaries Edit Alfred Berg BNP Paribas Arbitrage BNP Paribas Assurances with Cardif Pinnacle BNP Paribas Investment Partners BNP Paribas Partners for Innovation BNP Paribas Personal Finance UK Creation Financial Services Limited and Creation Consumer Finance Limited 29 BNP Paribas Primebrokerag BNP Paribas Real Estate formerly Atisreal BNP Paribas Leasing Solutions 30 with Arval 31 car leasing and Artegy BNP Paribas Securities Services BNP Paribas Wealth Management Cetelem Consors Finanz CortalConsors FundQuest SBI Life Insurance Company Limited a joint venture insurance company with State Bank of India India s largest financial service company owned by the Government of India Sharekhan an Indian retail brokerage firm L Atelier BNP Paribas fr BNP Paribas Personal Investors Luxembourg 32 Protection 24 33 34 SAIB BNP Paribas Asset ManagementControversies EditAntisemitic allegations Edit In 2016 BNP reached a 40m settlement with a Jewish employee 35 The employee had been made to watch a training video The film portrayed Adolf Hitler as the CEO of Deutsche Bank one of BNP s competitors and the Nazi soldiers around him as Deutsche Bank executives The video showed Hitler screaming at the soldiers Also his colleagues made a number of anti semitic comments during his time at BNP Paribas 36 Business with sanctioned countries 8 9 billion fine Edit On 30 May 2014 The Wall Street Journal reported that the United States Department of Justice was negotiating a possible guilty plea with BNP Paribas as well as the size of the resulting fine for violating U S regulations and evading US sanctions The Justice Department sought a fine of more than US 10 billion which was expected to be reduced to 8 or 9 billion in negotiations 37 BNP Paribas was said to have laundered up to US 100 billion from the sanctioned countries of Sudan Iran and Cuba 38 On 1 July 2014 BNP Paribas pled guilty in a New York state court to falsifying business records as well as conspiracy in connection to those falsifications It was also expected to plead guilty in federal court to violating laws against money laundering 39 It agreed to pay 8 9 billion the largest fine ever for violating U S sanctions and substantially more than the previous record of 1 9 billion 23 39 BNP Paribas was also barred for one year under the plea agreement from certain US dollar dominated transactions The fine exceeded the bank s 6 4 billion 2013 annual income and the 1 1 billion it previously had allocated for the anticipated fine 39 40 The bank s failure to cooperate with the multi year investigation was given as a significant factor in the size of the fine Additionally BNP Paribas continued to process sanctioned transactions after the investigation began About 30 employees left the bank as a result of the investigation 39 According to the FBI s New York Field Office and Chief Richard Weber of the Internal Revenue Service Criminal Investigation IRS CI BNPP deliberately disregarded the law and provided rogue nations and Sudan in particular with vital access to the global financial system helping that country s lawless government to harbor and support terrorists and to persecute its own people Today s sentence demonstrates that financial institutions will be punished severely but appropriately for violating sanctions laws and risking our national security interests 41 After the fine was announced BNP said it would be just fine and that it had a comprehensive plan to avoid similar violations in the future The company s stock which had fallen 12 since news of the investigation first leaked rose 4 on the announcement 39 40 To comply with the transaction ban BNP Paribas will use a third party to clear its US transactions Standard amp Poor s said it was reviewing the bank s financial standing in light of the fine and penalties for a possible downgrade 39 Russian president Vladimir Putin alleged that the US government was using the case to punish France for selling Mistral amphibious assault ships to Russia He said the large fine and the imposition of sanctions on the French bank were the result of US displeasure with France s decision not to stop the sale 42 Former European Central Bank president Jean Claude Trichet had previously said that a large fine was neither fair nor proportionate to the violations and could disrupt the global banking system 39 Check processing Edit In 2010 the French government s Autorite de la concurrence fined BNP and 10 other banks 384 million for colluding to charge unjustified fees on check processing including extra fees during the transition from paper check transfer to Exchanges Check Image electronic transfer 43 On 19 January 2011 BNP sued Russian grain trader OOO Rosinteragroservis and its subsidiary OAO Kubankhlebprodukt claiming US 20 million in debts and penalties 44 Discrimination Edit In January 2022 a female banker was awarded 2M after the UK employment tribunal concluded that she had endured years of direct sex discrimination and victimisation 45 Her complaints include harassment and being paid thousands of pounds less than male colleagues in the same role 46 Financing private prisons Edit In 2017 ICCR and the Families Belong Together Coalition began confronting banks about the human rights risks which accompany sponsoring the private prison industry 47 In 2019 BNP Paribas and other banks disengaged from the private prison industry 48 152 million risk management affair Edit The German Frankfurter Allgemeine Zeitung 49 FOCUS 50 Bloomberg 51 and the French Les Echos 52 newspapers published an article regarding a 152 million mistrade erroneous trade in which BNP Paribas Arbitrage was allegedly involved 53 54 The bank has sold securities for 326 400 to the investor Armin S but the value of the securities is 163 million according to the bank According to the article the error remained unnoticed for several days BNP has even reconfirmed the original price However a trade cancellation was only possible until the next day according to prevailing erroneous trade rules Michael Lusk published an article regarding this case with the title Do banks internal control system work 55 A solicitor for Armin S Mario Bogelein stated in the article that a bank not recognizing an error of this magnitude should not be protected by law 53 56 57 The Financial Times published an article in March 2018 about the case with the title BNP Paribas failed to book trades in Germany for a week It cites internal documents that show it did not book all trades that happened in structured products in Germany from 2 to 9 December 2015 The Financial Times estimates that 8 500 trades might have been affected It also questions if the bank has hedged their positions if the trades have not been booked Armin S is cited with the words I don t think it s fair if on the one hand BNP wants to rely on statutory safeguard clauses but on the other hand they ignored all control tasks imposed by the regulators ECB BaFin and AMF for a whole week 58 59 ArminS vs BNP Paribas 152m EUR risk management affairArmin S also filed a claim for 152 million in Paris because the relevant jurisdiction is still unknown 60 Sponsorship EditBNP Paribas has been a major sponsor of tennis In 1973 it became the major sponsor of the French Open one of the four prestigious Grand Slam tournaments in the sport In 2001 the bank began to sponsor the Davis Cup before becoming the title sponsor in 2002 In 2002 it became the sponsor of the Paris Masters an ATP World Tour Masters 1000 tournament In 2008 it became the sponsor of the BNP Paribas Primrose Bordeaux an ATP Challenger Tour tournament The company s sponsorship expanded to the United States in 2009 when it became the title sponsor of the Indian Wells Masters an ATP World Tour Masters 1000 two week tournament in California It also sponsored the BNP Paribas Showdown and BNP Paribas Tennis Classic exhibition tournaments held in New York City and London respectively The Stanford Classic since 1992 is instead directly sponsored by the Bank of the West subsidiary See also Edit Banks portal France portal Companies portalAngolagate BNL BNP Paribas headquarters Cortal Consors European Financial Services Roundtable List of banks List of French companies List of investment banks List of investors in Bernard L Madoff Securities Primary dealersReferences Edit BNP Paribas board chooses Jean Lemierre as new chairman Reuters 26 September 2014 Archived from the original on 2 April 2015 Retrieved 12 March 2015 a b c d e f RESULTS AS AT 31 DECEMBER 2021 Constituents boerse frankfurt de Archived from the original on 19 November 2015 How BNP Paribas Became One of the World s Biggest Banks SBNN SBNN 12 September 2017 Archived from the original on 19 March 2018 Retrieved 18 March 2018 a b FBI Bank Guilty of Violating U S Economic Sanctions Fbi gov Archived from the original on 15 July 2014 Retrieved 14 July 2014 These are the 23 biggest global banks all with more than 1 trillion of assets Business Insider France in French Archived from the original on 4 May 2018 Retrieved 18 March 2018 2022 List of Global Systemically Important Banks G SIBs www fsb org 21 November 2022 Retrieved 27 November 2022 BNP Paribas Group History International Directory of Company Histories St James Press 36 2001 Archived from the original on 4 April 2017 The BNP Paribas Group History of the Group BNP Paribas Archived from the original on 14 September 2013 Retrieved 15 February 2013 Harry Wilson 3 August 2010 BNP Paribas makes first asset write back since 2007 The Telegraph London Archived from the original on 21 November 2011 Retrieved 6 April 2011 Morning Zhou 9 August 2007 Asian stocks may fall on credit woes global sell off Market Watch Archived from the original on 7 June 2011 Retrieved 6 April 2011 BNP Paribas rachete Fortis en Belgique et au Luxembourg Le Monde Reuters 6 October 2008 Retrieved 6 April 2011 Aandeel Fortis blijft geschorst De Morgen 14 December 2008 Retrieved 6 April 2011 Affaire Madoff BNP Paribas pourrait perdre 350 millions d euros Le monde 14 December 2008 Archived from the original on 15 December 2008 UPDATE 1 BNP Paribas to change Fortis brand Reuters 11 March 2009 Retrieved 28 October 2021 Reed Stevenson 29 April 2009 Fortis asset sale to BNP cleared with Dutch OK Reuters Retrieved 30 April 2009 The history of Fortis BGL BNP Paribas Archived 13 August 2011 at the Wayback Machine BGL BNP Paribas Retrieved 9 September 2011 Mullin Keith 15 February 2012 Bank of the Year BNP Paribas All Special Reports Archived 16 December 2012 at the Wayback Machine IFRe Retrieved on 6 December 2013 BNP Paribas digs deep at charity auction Archived 28 January 2013 at the Wayback Machine Efinancialnews com Retrieved on 6 December 2013 International banking finance capital markets news amp analysis Euromoney magazine Archived 13 December 2013 at the Wayback Machine Euromoney com Retrieved on 6 December 2013 Marcin Goclowski 5 December 2013 BNP Paribas agrees to buy Polish Rabobank unit for 1 4 billion Reuters Archived from the original on 24 September 2015 BNP completes purchase of Bank BGZ from Rabobank Archived 24 September 2015 at the Wayback Machine Reuters 17 September 2014 a b Protess Ben and Jessica Silver Greenberg 30 June 2014 BNP Paribas Admits Guilt and Agrees to Pay 8 9 Billion Fine to U S The New York Times Archived from the original on 30 June 2014 Retrieved 1 July 2014 Sarah White 20 December 2021 BNP Paribas to exit US retail market with 16 3bn Bank of the West sale Financial Times Archived from the original on 10 December 2022 Retrieved 20 December 2021 BNP Paribas revenue Revenue Breakdown Craft BNP Paribas A Bilanz Gewinn und Umsatz BNP Paribas A Geschaftsbericht 887771 wallstreet online de Retrieved 5 November 2018 https group bnpparibas en group governance compliance board directors BNP Paribas Share ownership BNP Paribas webpage bnpparibas com 30 June 2016 archived from the original on 19 August 2016 retrieved 18 August 2016 BNP Paribas Legal Information www bnpparibas pf co uk Archived from the original on 29 January 2018 Retrieved 4 May 2018 Leasing Solutions PNB Paribas 2010 Archived from the original on 26 February 2011 Retrieved 6 April 2011 Arval PNB Paribas Archived from the original on 29 January 2011 Retrieved 6 April 2011 bnpparibas personalinvestors lu bnpparibas personalinvestors lu 1 January 1970 Archived from the original on 19 December 2014 Retrieved 14 July 2014 Protection Habitat bnp paribas 1 January 1970 Archived from the original on 7 November 2016 Retrieved 4 November 2016 Protection 24 protection 24 1 January 1970 Archived from the original on 20 October 2016 Retrieved 4 November 2016 Ain Stewart 4 May 2016 40M Lawsuit Over Bank s Nazi Themed Training Video jewishweek timesofisrael com Archived from the original on 4 February 2018 Retrieved 4 February 2017 Simao Oliver 24 May 2016 BNP Paribas reaches settlement over offensive Hitler parody video in training sessions PDF Archived from the original PDF on 4 February 2018 Retrieved 4 February 2017 Justice Dept Seeks More Than 10 Billion Penalty From BNP Paribas Archived 9 July 2017 at the Wayback Machine Wall Street Journal 30 May 2014 Kevin Dugan 4 June 2014 BNP Paribas probed over 100B money laundering scheme New York Post Archived from the original on 28 June 2014 Retrieved 2 July 2014 a b c d e f g Thompson Mark and Evan Perez 1 July 2014 BNP Paribas to pay nearly 9 billion penalty CNN Money Archived from the original on 7 July 2014 Retrieved 1 July 2014 a b Touryalai Halah 1 July 2014 BNP Is Just Fine After 9B Penalty Are Billion Dollar Settlements Effective Forbes Archived from the original on 6 July 2014 Retrieved 1 July 2014 U S Department of Justice May 2015 BNP Paribas Sentenced for Conspiring to Violate the International Emergency Economic Powers Act and the Trading with the Enemy Act United States Department of Justice Archived from the original on 25 December 2015 Retrieved 24 December 2015 Meyer Henry 1 July 2014 Putin Says U S Blackmailed France Over Warship With BNP Fine Bloomberg Archived from the original on 19 December 2014 Collusion in the banking sector Archived 27 July 2011 at the Wayback Machine Press Release of Autorite de la concurrence Republique Francaise 20 September 2010 retrv 2010 9 20 Marina Sysoyeva 19 January 2011 Bnp Paribas Sues Russian Grain Trader Rias Seeking 20 Million Bloomberg com Archived from the original on 12 April 2012 Retrieved 6 April 2011 Szalay Eva Croft Jane 31 January 2022 Ex BNP banker wins 2mn payout for gender discrimination Financial Times Archived from the original on 10 December 2022 Retrieved 21 February 2022 Banker wins 2m for sexual discrimination in witch hat case the Guardian 31 January 2022 Retrieved 21 February 2022 Banks End Private Prison Financing ICCR Interfaith Center on Corporate Responsibility www iccr org Retrieved 20 February 2022 BNP Paribas backs away from U S private prison industry Reuters 13 July 2019 Retrieved 20 February 2022 GmbH Frankfurter Allgemeine Zeitung 30 July 2017 Mistrades Der 163 Millionen Euro Mann FAZ NET Retrieved 30 October 2017 Arroganz der Banker kotzt mich an Armin S verklagt Grossbank auf 163 Mio Euro FOCUS Online in German Archived from the original on 30 September 2017 Retrieved 30 October 2017 Jager Jorg Engelbert 22 May 2017 Daytrader verlangt von BNP Paribas wegen Preisirrtum 152 Mio DIE WELT Retrieved 30 October 2017 Un trader reclame 161 millions d euros a BNP Paribas lesechos fr in French Retrieved 30 October 2017 a b Online FOCUS Bank Irrtum zu seinen Gunsten Archived from the original on 8 July 2016 Retrieved 7 July 2016 Un trader reclame 161 millions d euros a BNP Paribas lesechos fr in French 11 March 2017 Retrieved 11 March 2017 Lusk Michael Do banks internal control systems work Archived from the original on 27 December 2017 S Armin 15 September 2016 Auf dem Papier Millionar PDF Auf dem Papier Millionar Archived PDF from the original on 16 September 2016 Retrieved 15 September 2016 Jager Jorg Engelbert 22 May 2017 Daytrader verlangt von BNP Paribas wegen Preisirrtum 152 Mio WELT DIE WELT Retrieved 26 May 2017 Binham Caroline 9 March 2018 BNP Paribas failed to book trades in Germany for a week Financial Times Archived from the original on 17 March 2018 ArminS vs BNP Paribas YouTube 26 September 2018 Matussek Karin 11 January 2019 BNP Faces New Front in 188 Million Fat Finger Suit by Trader Bloomberg Retrieved 11 January 2019 External links Edit Media related to BNP Paribas at Wikimedia Commons Official website List of branches and ATMs of BNP Paribas in France with addresses contacts and agencies opening hours Source d Histoire the website of the Archives and History department in BNP Paribas Retrieved from https en wikipedia org w index php title BNP Paribas amp oldid 1129948854, wikipedia, wiki, book, books, library,

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