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BNP Paribas strengthens its client coverage organisation in Corporate and Investment Banking

BNP Paribas' current organisation is based on a single global client coverage concept in Corporate and Investment Banking (CIB). Under Thierry Varène and Eric Lombard, who becomes Managing Director of the new holding company which unites BNP Paribas' insurance businesses, this organisation allowed us to rationalize our client base and optimize our product distribution. It strongIy contributed to CIB's good results in 2003.

BNP Paribas has decided to take a new step and implement a new organisation after the necessary presentation to the appropriate employee representative groups :

- In Europe, a new integrated coverage group will be created: Coverage and Territories Europe (CTE). Responsibility for CTE will be entrusted to Eric Raynaud. He will report to Thierry Varène, Head of a new group within CIB made up of Corporate Finance and CTE. Thierry Varene will continue to be directly in charge of Corporate Finance. This organisation will enable CIB to significantly increase its origination operations in Europe.

- Ouside Europe, another coverage group will be created for all these territories : Coverage and Territories International (CTI) gathering the Americas, Asia and Middle East - Africa. CTI will cover all of our non European strategic relationships, and Financial Institutions Group will be part of this entity. Responsibility for CTI has been entrusted to Didier Balme, currently Head of Territory for North and East Asia.

- Mignonne Cheng has been named Head of Territory for North and East Asia, to be assisted by Paul Yang. Due to Eric Raynaud's appointment, Loïc Meinnel will be in charge of Fixed Income in Paris temporarily. He will remain worldwide Head of Forex within Fixed Income...