Jacques d'Estais, current head of Corporate and Investment Banking (CIB), has been appointed head of Asset Management & Services (AMS). Alain Papiasse, current head of AMS, has been appointed head of CIB. These two appointments will take effect from March 31.
Through this swap of responsibilities, BNP Paribas marks its desire to strengthen its integrated model and to continue adapting each of these two core businesses to the new economic environment.
In spite of the unprecedented financial crisis of the last 18 months, for the last three years CIB has strengthened its market positions, thanks to its resistance to the recession, its commercial vitality and its operating efficiency.
AMS, which offers a unique line of asset management and investor services in an integrated model, showed its ability to take advantage of the strong growth in the market until 2007 and maintain a positive net inflow of funds in the very unfavourable environment of 2008.
After the shock suffered by all investment banks, CIB took various adaptive measures under the leadership of Jacques d'Estais, thus returning to positive revenues in December and posting a very good performance in January.
Commenting on these appointments, Baudouin Prot, CEO of BNP Paribas, said: "CIB and AMS are two fundamental components of the business model of BNP Paribas, alongside retail banking. They both weathered the crisis under very favourable conditions compared to the competition. This swap will enable two key executive officers of BNP Paribas to continue growing these two core businesses by giving them the benefit of a fresh eye and their extensive international experience." About BNP Paribas
BNP Paribas (www.bnpparibas.com
) is Europe's leader in global banking and financial services and one of the six most solid banks in the world according to Standard & Poor's. The group is present in 85 countries and has more than 171,000 employees, including 131,000 in Europe. The group holds key positions in three large areas of activity: Finance and Investment Banking, Asset Management & Services, and Retail Banking. While BNP Paribas is present throughout Europe through all of its business lines, France and Italy are its two domestic retail banking markets. It also has a significant presence in the United States and strong positions in Asia and the emerging countries.