Mignonne Cheng is responsible for the Group's activities in North-East Asia. Her region covers Mainland China, Taiwan and Hong Kong.
The BNP Paribas Group has been present in the region for almost 150 years, and according to Mignonne Cheng, the Group has all the strengths to succeed and attract all types of clients.
Mignonne Cheng, would you present BNP Paribas' activities in North-East Asia to us?
In China, we will be celebrating our 150-year anniversary this year. We have been in Hong Kong for more than fifty years and for more than thirty years in Taiwan. We have now come to a full range of business activities in this region. That's true for CIB, as well as for Investment Solutions. For CIB, all business lines are present, including Fixed Income, GECD, Corporate Finance and Structured Finance. Investment Solutions includes, of course, Wealth Management, Asset Management, Cardif and BP2S.
It's also worthwhile to mention that we recently set up a retail banking desk to explore the possibility to further develop our retail banking business in Asia, which, for the time being, is fairly limited. At the same time, over the period of a year, not only have we been able to offer a full range of products to our clients, but we have also managed to establish a very strong client franchise in the region. We are dealing with all local conglomerates, mid-market clients, multinationals, and all wealthy individuals covered by Wealth Management. We also have a joint venture between CIB and Investment Solutions to cover the High Net Worth clients that we call the Premium Group. And of course, we also cover the finance institutions sectors.
What is the market potential? What are BNP Paribas' goals here?
As you know, China is becoming a very powerful nation. In the last decade, its GDP grew at a double-digit rate. Even during the crisis, China managed to grow its economy by 8%, which is still very respectable. Obviously North Asia, Hong Kong, and Taiwan will benefit from China's support. So we believe that this market is going to be one of the key growth engines in the years to come, especially compared with the US and Europe. Today the situation is still a bit less optimistic, to say the least.
So of course, we would like to make sure that we will be able to capture all these business opportunities in the years to come. I think we are able to do that, thanks to our long-standing presence in the market, thanks to our full range of product offering, thanks to our very capable and dedicated staff, and last but not least, because BNP Paribas is a very strong name, a very good brand in the world.