Wednesday, October 12, 2011

BNP Paribas Malaysia officially launches local bank

KUALA LUMPUR: BNP Paribas Malaysia Bhd officially launched its locally incorporated bank in Malaysia at an opening ceremony on Tuesday, Oct 11.

The bank was one five foreign banks that were awarded full commercial''banking licences to operate in Malaysia, and it became fully operational on June 1 this year.

Officiating the opening of the bank was the Governor of Bank Negara Malaysia, Tan Sri Dr Zeit Akhtar Aziz.

In a statement Oct 11, BNP Paribas said the new bank, headquartered in Kuala Lumpur, would focus on providing a full suite of banking products and services to both domestic and multinational corporates, and financial institutions.

The bank also intends to support its Malaysian clients in their overseas expansion''by leveraging on BNP Paribas' presence in over 80 countries, it said.

BNP Paribas group executive committee member Jacques d'Estais said the bank's clients were highly sophisticated and wanted the''freedom to conduct their business anywhere in the world.

'We are proud of the unique nature of''our bank where we can offer a global network to our local markets with diversified and bestin-class solutions,' he said.

Meanwhile, BNP Paribas Malaysia Bhd chief executive officer Krishna Chetti said the''Malaysian Islamic financial sector was the most progressive in the world.

"We are setting up a full-fledged Islamic finance hub in Malaysia for Asia Pacific which will allow us to''become a credible player in the largest Islamic banking market and play an active role in the internationalisation of the Malaysian Islamic financial centre,' he said.

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