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BNP Paribas hires 30 for new China securities operation



BNP Paribas SA has hired around 30 staff to start its securities operation in China, re-entering the market 17 years after leaving a local joint venture. The French bank, having received regulatory approval, will focus on brokerage, research, and asset management, steering clear of expanding its more costly onshore investment banking due to a bleak deals outlook. The move contrasts with some Wall Street firms, like Morgan Stanley and JPMorgan, which are reducing their presence amid growing US-China tensions. BNP’s Asia CEO, Paul Yang, has directed the bank’s growth towards corporate banking, including financing and transaction services. Additionally, BNP boosted its M&A rankings in 2022, participating in significant deals like Geely’s venture with Renault and the buyout of Vinda International.

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