UAE: a strategic country within a key region for BNP Paribas

Senior officials from both the Regional Hub in Bahrain and from the bank in Dubai explained that the UAE is a very promising and important market, not only for BNP Paribas in the GCC, but also for the BNP Paribas Group. With sustained revenue growth over the past five years, business in the UAE is expected to continuously exceed expectations.

Officials explained that while revenue growth has been very substantial over the past few years in the GCC, the UAE has recorded the fastest trend in the regional network. With such results, the bank in UAE is highlighted as a major element in the strategy of the commercial banking network developed in this key region, which enjoys among 16 territories worldwide, a direct sponsorship by one of the members of the Executive Committee of the Group.

With a growing presence on the ground in the GCC, BNP Paribas currently has two branches in the UAE, located in Abu Dhabi and Dubai, and has opened in late 2007 an Electronic Banking Services Unit (EBSU) within the Jebel Ali free zone. In an effort to continuously offer the best services, the branch and offices in Dubai were recently relocated to the prestigious Burj Dubai Square; the same process is being initiated in Abu Dhabi which should be completed before year-end.

Moreover, it was announced that a new EBSU was on the verge of being inaugurated in Al Qusais area, close to Sharjah, while another EBSU will be opened in Mussafah, the new industrial area in Abu Dhabi, in the first half of 2009. Many other projects are currently being considered, further highlighting the bank's commitment in the UAE.

BNP Paribas UAE will continue to leverage on the support provided by the Regional Hub in Bahrain, where the group's major business lines : Corporate and Investment Banking (CIB), Asset Management and Services (AMS) and International Retail Services (IRS) are represented with an increased presence of specialists on the ground.

Commenting on this, BNP Paribas' GCC Regional Director, Jean-Christophe Durand explained, ''The bank has one team to service customers that are considered partners in its development.''

Durand, who was very optimistic of the bank's growth, confirmed that the bank's ambition is to be a leader in its main activities, like Project Finance, Structured Trade transactions, and derivative products just to name a few of the areas where BNP Paribas has already distinguished itself recently.

Philippe Aroyo, the new Head of Territory recently appointed to UAE to strengthen the bank's presence and client franchise in the country said: ''BNP Paribas is continuing its expansion and investment in this priority country and has ambitious plans to be one of the leading international financial institutions. We thank the local authorities, the Central Bank, and our dedicated customers and employees for their continuous support. We are working to accelerate growth, extend client coverage and intensify links with the UAE business community.''