By Pratap John
Doha: European banking major BNP Paribas is looking at the possibility of securing a licence from the Qatar Financial Centre (QFC) to offer trade finance and private banking among specialised portfolios, its regional director (Middle East) Jean-Christophe Durand has said.
“We are working on a business plan to help us initiate certain activities from the QFC. Before we apply for the license we need to have a business plan in place. It is definitely an option before us,” he said in an interview with Gulf Times yesterday.
He said BNP Paribas will continue to be active in the local sector being regulated by the Qatar Central Bank (QCB). The bank has been in the country for the last 35 years and active in project finance.
“We have financed several industrial projects in Qatar. We have also funded Qatar Airways for its acquisition of aircraft including Boeing and Airbus. We will continue to finance the airline as we believe in Qatar Airways,” Durand said.
The shipping industry has also made use of BNP financing. “As Qatar rapidly develops its shipping industry, we will continue to work on project finance in the sector. We also remain committed to supporting midcap companies as they have a key role to play in national development,” he said.
Asked about the quantum of project finance extended by BNP Paribas in Qatar in the last 35 years, Durand said, “It is difficult to give you a precise figure. Because in some transactions we had acted as advisors, while in others we were lead managers. In certain transactions we had done both.”
Durand said BNP would continue to develop priority banking for individuals.
“Qatar is a major country in our scheme of operations. We have over 60 collaborators working with us here to service both the retail and corporate segments. We can also extend the service of our regional and international experts to clients in Qatar, especially in project finance. We have had a three-fold growth in our staff strength in the region since 2002,” he said.
BNP Paribas formally celebrated its 35th year of operations in Qatar and relocated operations to Alfardan Towers.
“We needed a more spacious and well-equipped facility as we have grown in Qatar,” Durand said.
BNP global head (international retail services- emerging markets) Jean-Jacques Santini said though the global economic crisis had impacted the European bank, it made a significant net profit in the third quarter.
“We have recently been chosen as the seventh safest bank in the world. We will continue to offer superior products and services to our customers in Qatar and elsewhere,” he said.
Santini also thanked the Qatar Central Bank for its support and guidance to BNP. |
