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Nicolas Parrot has been appointed as the new CEO of BNP Paribas Australia and New Zealand, succeeding Karine Delvallée, who has moved to lead the firm in Singapore and South-East Asia. With nearly 28 years at BNP Paribas, Parrot aims to enhance the bank's offerings in global markets, banking, and asset management across the region. The firm, which employs over 600 people in Australia and New Zealand, is also in exclusive talks to acquire AXA Investment Managers for €5.1 billion, with completion expected by mid-2025.
BNP Paribas Group has disclosed its global systemically important institutions (G-SIIs) indicators as of December 31, 2024, in compliance with European Banking Authority standards. The assessment methodology, based on the Basel Committee's guidelines, utilizes an indicator-based approach to evaluate systemic importance, which may not be directly comparable to other disclosures due to regulatory differences.
Big European banks are maintaining ambitious performance targets despite strong first-quarter profits, as they face rising threats to future earnings from a global trade war and economic uncertainty. While some banks reported significant profit increases, concerns over bad loans and lower loan demand are emerging, prompting cautious risk management strategies. Banks are now focusing on resilient domestic lending to navigate potential downturns, with some preparing for opportunities in M&A and restructuring amid the shifting economic landscape.
Christophe Beelaerts has left BNP Paribas Securities Services after nearly 20 years, most recently serving as head of the Middle East division. His career included roles as regional head for India and CFO at Sundaram BNP Paribas. Beelaerts expressed gratitude for the invaluable experiences and memories gained during his tenure.
BNP Paribas Real Estate Property Management has completed its historical activities and introduced a new pan-European offering to enhance its traditional services. This initiative aims to provide access to industry-leading commercial real estate news and essential data analytics for driving success.
BNP Paribas has renewed its partnership with IBM Cloud for an additional ten years to enhance its cloud-native strategy and support generative AI advancements. The agreement includes allocating new space in BNP Paribas' data centers for IBM Cloud by 2028, aimed at improving resilience and safeguarding customer data.Additionally, the collaboration will leverage GPUs on IBM Cloud to facilitate the bank's application modernization efforts through a cloud-native approach, aligning with the European DORA regulation to bolster operational resilience in financial services.
BNP Paribas Asset Management has been chosen by Scottish Widows as a founding partner for its new UK domiciled Long-Term Asset Fund (LTAF), aimed at providing Workplace Savers access to private markets. The fund will feature a Diversified Private Credit Portfolio, initially focusing on infrastructure debt and Credit Risk assets, with plans to expand into areas like commercial real estate debt and corporate loans. Launching in H2 2025, the initiative emphasizes ESG principles, aligning with societal goals for a sustainable transition while enhancing returns for savers.
BNP Paribas has renewed its partnership with IBM Cloud to enhance resilience and accelerate its cloud-native strategy, focusing on GenAI development. The bank will dedicate several data centres to IBM Cloud by 2028, ensuring operational continuity and improved data security in line with European DORA regulations. This collaboration will also support application modernization through microservices and GPUs, driving innovation in banking services.
Societe Generale reported a significant increase in Q1 earnings, with net income reaching €1.61 billion, more than double the previous year and exceeding analyst expectations by €400 million. Revenue rose 6.6% to €7.1 billion, driven by strong retail banking and equities performance, while the cost-to-income ratio improved to 65%. The bank's return on tangible equity hit 11%, surpassing its full-year target of 8%.
Societe Generale reported a significant increase in first-quarter earnings, with net income more than doubling to 1.61 billion euros, surpassing analyst expectations. The growth was driven by a rebound in retail banking and a surge in equities trading, while the bank's return on tangible equity reached 11%. Despite a strong performance, the bank's valuation remains relatively low compared to peers, with a price-to-book ratio near 0.5.
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