On November 26th in Shanghai, Michel Pébereau officiated at two opening ceremonies : one for the Group's wholly owned locally incorporated bank, BNP Paribas (China) Limited, and the other for its new securities joint venture, Changjiang BNP Paribas Peregrine Securities Co., Ltd. He also met with the Group's other partner Shenyin and Wanguo, who briefed him about the latest developments on the soon-to-be-launched joint-venture in asset management.
Michel Pébereau also attended the signing ceremony of BNP Paribas' donation to the Sino-French Research Centre for Life Science and Genome in Shanghai, a testimony of the continuing commitment of BNP Paribas to the community in China.
In addition, the Chairman met with key business partners and long-term clients to discuss BNP Paribas' business plans in China.
BNP Paribas (China) Limited
BNP Paribas (China) Limited is a wholly foreign-owned enterprise bank WFOE bank, locally incorporated in Shanghai. Its predecessor is International Bank of Paris and Shanghai (IBPS), a joint venture bank between BNP Paribas and Industrial & Commercial Bank of China (ICBC) formed in 1992. Following BNP Paribas' acquisition of the equity interest in IBPS previously held by ICBC, IBPS has been renamed as BNP Paribas (China) Limited.
BNP Paribas (China) Limited is the first of its kind in terms of transformation from a joint-venture bank into a WFOE bank locally incorporated in China. It is currently the only WFOE bank in China. The transition has been entirely seamless and smooth, thanks to the great cooperation spirit demonstrated by ICBC in the process, and confirmed during a lunch hosted by Jiang Jianqing, Chairman of the Industrial and Commercial Bank of China, for Michel Pébereau in Beijing on November 25th.
BNP Paribas (China) Limited operates on a wider business platform in terms of an increased capital base of RMB 555 million (the Renminbi, Chinese currency) and an expanded scope of business. It is to conduct RMB business with foreign invested enterprises, foreign representative offices, foreign nationals as well as certain RMB business with non-foreign invested enterprises. It can also handle all foreign currency businesses for all types of customers.
In the very near future, BNP Paribas (China) Limited intends to increase its capital further and to apply for an extension of its business scope in line with banking regulation and market demand. BNP Paribas (China) Limited is also ready to launch new activities in which BNP Paribas has been successful in other parts of the world, in particular, fixed income products including fixed income derivatives, interest rate swaps, currency swaps, domestic bond trading and distribution, as and when permitted by the PRC laws and regulations.
Changjiang BNP Paribas Peregrine Securities Co., Ltd.
Changjiang BNP Paribas Peregrine Securities Co., Ltd (Changjiang BNP Paribas Peregrine Securities) has obtained the regulatory approval from the China Securities Regulatory Commission to commence business.
Changjiang BNP Paribas Peregrine is a securities joint venture set up by BNP Paribas S.A. ("BNP Paribas") and Changjiang Securities Co. Ltd. (Changjiang Securities), under the WTO agreements. It is registered in Shanghai with a capital of RMB 600 million, of which Changjiang Securities owns 66.7% and BNP Paribas owns 33.3%. As a wholly-owned subsidiary of BNP Paribas and its investment banking arm in the Asia region (ex-Japan), BNP Paribas Peregrine is designated by BNP Paribas to implement in its name the securities joint venture project.
Changjiang BNP Paribas Peregrine Securities is principally engaged in primary and secondary fund raising in the China domestic market, including underwriting of A shares, B shares and PRC corporate bonds, financial advisory, mergers and acquisitions and other corporate financial services.
Projected BNP Paribas Asset Management Joint-venture with Shenyin and Wanguo
BNP Paribas signed in 2001 a co-operation agreement with Shenyin & Wanguo, one of the leading Chinese brokers, with the aim to set up a joint venture in fund management, on the Chinese domestic capital markets, under WTO agreements
In August 2003, regulatory approval was obtained from the China Securities Regulatory Commission to commence preparatory work to create the joint venture.
Application to commence business has been submitted to the China Securities Regulatory Commission and the new joint-venture is targeted to open by the end of 2003.
BNP Paribas' donation to the Sino-French Research Centre for Life Science and Genome
In consideration of the outbreak of SARS early this year in Hong Kong and Mainland China, and within our bank's long term policy to contribute to the communities where it operates, BNP Paribas decided to make a donation to the Sino-French Research Centre for Life Science and Genome, a medical research centre established in Shanghai, China.
Our Chairman, Michel Pébereau attended the signing ceremony of BNP Paribas' donation which took place on November 26th in the premises of the Sino-French Research Centre for Life Science and Genome in Shanghai. The donation amount is RMB 1 million, to be dedicated on research in the epidemiologic fields.
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