Jean-Laurent Bonnafé is appointed Chief Operating Officer
Jean Clamon is appointed Managing Director
The BNP Paribas Board of Directors met on Tuesday, 1 July 2008 at a meeting chaired by Michel Pébereau.
Upon a motion by Baudouin Prot, the Board decided on an important reshuffle of the Group’s General Management and approved several appointments as well as the new composition of the Executive Committee resulting from this reshuffle.
BNP Paribas is currently among the world’s ten leading banking groups. It has expanded strongly in recent years and has weathered the financial crisis better than most groups. Baudouin Prot, Chief Executive Officer, proposed to the Board of Directors to adapt the Group’s organisation to the current trends of its businesses, and at the same time confirm the independence of the Group’s control mechanisms and improve their coordination. The financial crisis has once again highlighted the vital role of this independence.
Under this new organisation, the two Chief Operating Officers who will be working with Baudouin Prot are Georges Chodron de Courcel, who was already in this position, and Jean-Laurent Bonnafé, whose appointment will become effective on 1 September 2008 and who will manage the Group’s retail banking activities.
On 1 September 2008, Jean Clamon will become Managing Director and coordinate the Group’s entire internal control unit.
Whilst the Group is optimising its organisation of retail activities, the new organisation put in place by the Asset Management and Services (AMS) division, headed by Alain Papiasse, is proving its efficiency. At the same time, the Corporate and Investment Banking (CIB) core business, headed by Jacques d’Estais, is holding its own rather well in the face of the current crisis and was recently reorganised to enable optimum coverage of its large business and institutional client base worldwide. With the changes mentioned above, the entire Group has all the cards it needs to continue developing despite the troubled economic climate that has affected the world of finance for a year now.
Grouping of all retail banking activities under unified responsibility
Today, BNP Paribas generates more than half its income from retail banking. It has a very strong international presence in this sector, with, in particular 4,000 of its 6,000 branches outside France, and businesses specialised in consumer finance and corporate equipment .
As from 1 September 2008, Jean-Laurent Bonnafé will be heading the Group’s retail banking activities. On the same date Pierre Mariani, a member of the Executive Committee, will become Senior Executive Vice-President and Co-Head of retail banking while continuing to head the International Retail Services (IRS) core business.
This change is expected to yield the following benefits:
– Provide Retail Banking customers with the advantages of a truly global network.
– Promote the industrialisation of business activities, pool major investments and transfer know-how and innovation between banking networks and businesses specialised in consumer credit and the financing of corporate investments.
– Develop cross-selling between networks and specialised retail banking businesses and with BNP Paribas CIB and AMS.
– Promote the Group’s development in these businesses, not only through acquisitions, but also through organic growth.
As from 1 September 2008:
– Fabio Gallia will be proposed as the new Chief Executive Officer of BNL to the Board of Directors of BNL and will be appointed a member of the Group Executive Committee.
– François Villeroy de Galhau, currently Chairman and CEO of BNP Paribas Personal Finance, will become Head of the French Retail Banking core business and a member of the Group Executive Committee.
– Bruno Salmon and Thierry Laborde (currently Director of Networks at French Retail Banking) will be appointed Chairman and CEO of BNP Paribas Personal Finance respectively.
– Yves Martrenchar will be responsible for coordinating and organising the distribution, products and markets of the Group’s retail banking activities.
These cross-group appointments demonstrate the willingness to facilitate the exchange of expertise and co-operation within the new organisation.
Reinforce the coordination of Group internal control
BNP Paribas has resisted the current crisis well partly because of the predominance of control functions in its managerial model. To continue its growth as profitably and as safely as possible, the group intends to reinforce the role, independence and coordination of its internal control.
As managing director, Jean Clamon will be coordinating the Group’s entire internal control and ensuring that the control of the risk of non-compliance is consistent and efficient. He will also oversee the group’s legal and tax functions and be in charge of BNP Paribas’ corporate social and environmental responsibility.
There will be other managerial appointments as from 1 September 2008:
Philippe Bordenave, Head of Group Finance and Development and member of the Executive Committee, will be appointed Senior Executive Vice-President of BNP Paribas.
Michel Konczaty, Head of Group Risk Management, will be appointed to the Group Executive Committee.
Vivien Levy-Garboua will be appointed Senior Advisor to BNP Paribas. He will take over from Dominique Hoenn when he retires at the end of 2008.
About these appointments and changes, Baudouin Prot declared:
“BNP Paribas has a high potential for growth and many assets for improving its competitive positions even further, in an environment that is creating unprecedented challenges for the banking profession. Jean-Laurent Bonnafé will work with Georges Chodron de Courcel to assist me in managing the Group while Jean Clamon will be given the necessary prerogatives to ensure that internal control is constantly adapted to meet all new issues.”
COMPOSITION OF GROUP EXECUTIVE COMMITTEE
as from the 1st September 2008
The Group Executive Committee, supporting Baudouin Prot, CEO, Georges Chodron de Courcel, COO, and Jean-Laurent Bonnafé, COO, will be made up of the following members:
– Jean Clamon, Managing Director, Head of Compliance and Internal Control Coordinator,
– Philippe Bordenave, Senior Executive Vice-President, Head of Group Finance and Development,
– Jacques d’Estais, Head of CIB
– Fabio Gallia, Head of BNL b.c.
– Michel Konczaty, Head of Group Risk Management
– Frédéric Lavenir, Head of Group Human Resources
– Alain Marbach, Head of ITP
– Pierre Mariani, Senior Executive Vice-President, Co-Head of Retail Banking, Head of IRS,
– Alain Papiasse, Head of Asset Management and Services
– François Villeroy de Galhau, Head of French Retail Banking
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is a European leader in banking and financial services, and is one of the world’s four most solid banks according to Standard & Poor’s. It is present in more than 85 countries and employs more than 168,000 people, including 129,500 in Europe. BNP Paribas enjoys key positions in its three core businesses: Corporate and Investment Banking, Asset Management & Services and Retail Banking. Present throughout Europe through all its businesses, France and Italy are its two domestic retail banking markets. BNP Paribas also has a strong and growing presence in the United States and strong positions in Asia and the
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