By Mathieu Rosemain PARIS -Today's economic uncertainties could create corporate investment banking opportunities in Europe, BNP Paribas' chief executive Jean-Laurent Bonnafe said on Thursday. “There
BNP Paribas CEO Predicts Investment Banking Growth in Europe
By Mathieu Rosemain
PARIS -Today's economic uncertainties could create corporate investment banking opportunities in Europe, BNP Paribas' chief executive Jean-Laurent Bonnafe said on Thursday.
“There is probably a lot to come in terms of restructuring, refinancing, deleveraging, mergers and acquisitions,” he told analysts on a call, referring to large companies, which represent a big part of the bank's clientele.
“Europe has no choice but to reinvest...So not only is the risk profile and the ability of most of our large corporates to redeploy...but also for us, it’s potential. We’re patient. We stick to our risk policy. We keep our eyes open, but probably there’s a lot to come.”
Bonnafe said he did not expect such opportunities to arise in the coming months but rather in the two to five years to come.
He said large companies are so far holding back on investment and hiring amid persistent global uncertainty.
“Corporates are going to invest slightly less than anticipated...this will have a kind of global impact,” he said, noting that the hit will be most pronounced in the United States but also felt in emerging markets, the euro zone and China.
“It’s a bit bumpy,” Bonnafe said.
(Reporting by Mathieu Rosemain; Editing by Kirsten Donovan)
