In 1999, BNP attempted to acquire both Soci\u00e9t\u00e9 G\u00e9n\u00e9rale and Paribas, while Soci\u00e9t\u00e9 G\u00e9n\u00e9rale also targeted Paribas. Although BNP failed to buy Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, it succeeded in acquiring Paribas. One year later, the two institutions merged. In 2006, the group expanded again by purchasing Banca Nazionale del Lavoro (BNL), then Italy\u2019s sixth-largest bank.<\/p>\n\n\n\n
In 2008, the bank acquired 75% of Fortis\u2019 operations in Belgium and 66% in Luxembourg. As part of the deal, the Belgian government became the major shareholder of the BNP Group. The two sides later agreed on a 75% partnership in Fortis Bank Belgium. The newly integrated subsidiary was renamed BNP Paribas Fortis.<\/p>\n\n\n\n
In 2009, BNP Paribas took majority control of BGL, previously known as Fortis Bank Luxembourg, while the State of Luxembourg kept a 34% share. That year, BNP also became the Eurozone\u2019s largest bank by total deposits.<\/p>\n\n\n\n
The bank changed to BGL BNP Paribas and in February 2010, BGL BNP Paribas became the sole owner of BNP Paribas Luxembourg.<\/p>\n\n\n\n
In 2014, BNP Paribas acquired Rabobank’s Polish unit BGZ Bank for around $1.3 billion.<\/p>\n\n\n\n
In December 2021, BNP Paribas announced the sale of Bank of the West to the Bank of Montreal for $16.3 billion. The decision followed a broader trend of European banks pulling back from the United States after struggling to compete with major domestic lenders like JPMorgan Chase, Bank of America, and Wells Fargo. As part of this shift, BNP Paribas chose to exit the U.S. retail market.<\/p>\n\n\n\n BNP Paribas is publicly traded on the Euronext Paris exchange and is included as a constituent of the Euro Stoxx 50 stock market index. The bank is the largest banking group in Europe and the ninth-largest banking group worldwide in terms of total assets. Following the 2008 financial crisis, the bank gained notoriety as one of the top five global banks. It holds the 33rd<\/sup> position in the Forbes Global 2000 rankings as one of the largest publicly traded companies globally.<\/p>\n\n\n\n In 2023, after a wave of fines across Wall Street, BNP Paribas faced U.S. regulatory sanctions for failing to properly record its employees\u2019 electronic communications. The Eurozone\u2019s biggest bank by market value said it had reached a proposed resolution with the enforcement divisions of the Securities and Exchange Commission and the Commodity Futures Trading Commission. Regulators had investigated the bank for records tied to employees\u2019 use of \u201cunapproved electronic messaging platforms for business communications.\u201d<\/p>\n\n\n\n BNP is the latest bank linked to the industry-wide messaging probes that began last year. The investigation focuses on the unauthorized use of encrypted messaging services such as WhatsApp and Signal. Britain\u2019s HSBC fired a trader last year for using these services improperly and later paid a total of $45 million to the SEC and CFTC. Goldman Sachs, Morgan Stanley, and Barclays also paid more than $1.8 billion in combined fines during the same period.<\/p>\n\n\n\n Under the leadership of chief executive Jean-Laurent Bonnaf\u00e9, BNP has worked to position itself as Europe\u2019s leading corporate and investment bank.<\/p>\n\n\n\n Like many Wall Street banks, BNP reported a mixed quarter in its corporate and investment division, with revenues falling 2.3%. Its markets business performed even worse, posting an 18% drop in fixed-income, commodities, and currencies revenues. Goldman Sachs and Morgan Stanley also faced weak quarters, but BNP\u2019s decline was sharper than the average 12% drop reported by its U.S. competitors.<\/p>\n\n\n\n In bond issuance it performed better, and the performance of its global banking unit had a much stronger performance.<\/p>\n\n\n\n The bank aims to increase both revenue and profitability, and it has reinvested part of the profits from its $16.3 billion sale of Bank of the West. Some of the funds are being used for share buybacks. BNP\u2019s return on tangible equity rose to 13.6% in the second quarter, meeting its goal of staying above 12% through 2025.<\/p>\n\n\n\n BNP Paribas\u2019 latest news involves the appointment of Scott Carter as its global head of investor coverage. The bank expects this move to strengthen investor support and help it pursue new and evolving market opportunities.<\/p>\n\n\n\n Carter previously served as partner and head of trading and portfolio financing at AQR Capital Management. He led AQR\u2019s global trading team and oversaw its portfolio finance operations, focusing on trade execution, financing, clearing, and cash management for the firm\u2019s funds. He also supervised AQR\u2019s counterparty relationships. Before that, he spent 20 years at Deutsche Bank in several senior roles.<\/p>\n\n\n\n Jos\u00e9 Placido, CEO of BNP Paribas USA and CIB Americas, said the appointment builds on the progress made since the Investor Coverage team was created. He added that it marks a natural next step for the bank. The move will strengthen BNP Paribas\u2019 relevance and relationships with investors in the US and around the world.<\/p>\n\n\n\n Sandrine Ferdane, global head of financial institutions coverage at BNP Paribas, said the bank aims to become the leading European institution for institutional clients. She noted that BNP Paribas plans to support the wider economy through the low-carbon transition. She also said the bank is well positioned to offer investor solutions that match the changing needs of clients worldwide. Ferdane welcomed Scott to the management team and looks forward to working with investor clients and senior bankers across the US, EMEA, and APAC.<\/p>\n\n\n\n BNP Paribas SA has also taken part in several sustainability projects. The bank worked with Citigroup, HSBC, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, Rothschild & Co., and Standard Chartered to help finance a new $15 billion program aimed at protecting Indian Ocean habitats.<\/p>\n\n\n\n The banks have discussed funding possibilities in the form of bonds and so-called debt-for-nature swaps. The swaps will allow sovereign issuers to refinance existing debt in exchange for nature conservation guarantees. The first recipients are likely to be Kenya, Tanzania and Mozambique. The initiative will help protect 30% of the ocean area across the involved nations, restore biodiversity, sequester at least 100 million tons of carbon by 2030, and develop a green ocean-based economy for 70 million people living in coastal communities.<\/p>\n\n\n\n Disclaimer:<\/b><\/p>\n\n\n\n This information is not considered investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced or hyperlinked, in this communication.<\/p>","protected":false},"excerpt":{"rendered":" BNP Paribas is a French multinational financial institution created…<\/p>\n![\"Discover](\"\/wp-content\/uploads\/2023\/09\/bnp-paribas.jpg\")
<\/figure>\n\n\n\nBNP Paribas The 9th<\/sup> largest banking group worldwide<\/strong><\/h2>\n\n\n\n
US fine regarding messaging violations<\/strong><\/h2>\n\n\n\n
Revenue and earnings<\/strong><\/h2>\n\n\n\n
Latest news for BNP Paribas<\/strong><\/h2>\n\n\n\n
![\"Discover](\"\/wp-content\/uploads\/2023\/09\/banking-bnp-paribas.gif\")
<\/figure>\n\n\n\nSustainability projects<\/strong><\/h2>\n\n\n\n