52% seek closer collaboration with technology or IT departments
A BNP Paribas Securities Services global survey released today shows that chief operating officers (COOs) are more focused than ever on growth and transformation, reflecting financial institutions’ drive to adapt to change. In APAC the trend towards transformation was most pronounced, with 56% of COOs feeling that one of the areas in which their work adds the most value is delivering transformation or significant change projects, compared with a global average of just 39% of COOs who said the same.
Key findings – overall:
- While risk management remains a key part of the role (cited by 42% of respondents), COOs said that driving growth opportunities, including new products and services (52%), and delivering transformational and significant change projects (39%), have become essential.
- This trend is particularly marked in APAC where 56% of COOs ranked transformation as their top priority (vs. 26% in North America).
- COOs overwhelmingly recognise the role IT has to play in driving transformation. 68% of COOs say they collaborate closely or very closely with IT. 38% say they want greater collaboration with technology and IT departments.
- COOs globally recognise that they cannot simply rely on technology alone. Asked what could help drive transformation projects and business growth, 67% of COOs said upskilling the workforce while 60% said spending time with clients.
Key findings – Asia Pacific:
- Over two-thirds (68%) of APAC COOs want a different title – with “Chief Change Officer” the preferred alternative.
- 52% of APAC respondents said they wanted closer collaboration with technology and IT departments.
- 37% of APAC COOs have technology or IT teams reporting to them, compared with 24% of COOs globally.
- 62% of APAC COOs think change projects will become one of the areas they spend most of their time.
Key findings – buy-side:
Highlighting the increasing competition and ongoing digital transformation in the asset management industry:
- 63% of asset manager COOs cited increased competition in the market as a key challenge.
- 59% of asset manager COOs said they saw themselves spending more time on delivering change projects in future (vs. 43% overall). Nearly a quarter (24%) would prefer to be called chief change officer (vs. 10% overall).
- 61% of asset manager COOs said they were looking for closer collaboration with IT or technology departments (vs. 38% overall). Furthermore, asset manager COOs were most likely to come from technology or IT backgrounds (35%), whereas COOs across financial services were more likely to come from finance or accounting backgrounds.
Key findings – sell-side:
COOs in sell-side organisations show renewed focus on performance, growth and costs, after previously focusing on implementing new regulations:
- 56% of sell-side COOs cited commercial acumen as the most important competency to have in the future (vs. 38% on the buy-side) – a twofold increase compared to today.
- 42% of sell-side COOs saw themselves spending more time on realising cost savings in future (vs. 32% currently).
- Sell-side COOs were most likely to feel the COO title is still relevant. Only half of respondents felt an alternative (such as chief strategy of transformation officer) was more appropriate (vs. 66% on the buy-side).
Doug Cameron, BNP Paribas Head of Location for New Zealand, said: “The role of the COO continues to evolve to encompass regulation, compliance and governance, which is becoming increasingly complex here and overseas. In addition to seeking technology solutions, our survey found COOs are adapting to these changes by upskilling their people and spending more time with clients.
Having a deep understanding of the needs of the client is critical to driving transformation and business growth. This is especially the case in growing markets such as New Zealand where COOs are considering how their business models will need to adapt to cater for the future growth of KiwiSaver.”
The Future COO: Evolution or Revolution? report is available here. It is based on interviews with 250 financial services COOs worldwide. Interviews were conducted in Q4 2019.
Press Contacts
Angela Nguyen angela.nguyen@au.bnpparibas.com +612 8116 0511
Kristen Carter kristen.carter@asia.bnpparibas.com +852 6400 3291
BNP Paribas has activated its Rescue & Recover Fund, where all employee donations worldwide will be matched by the Bank.
“As the oldest foreign bank in Australia since 1881, we want to support the victims through Red Cross Australia and contribute to the rebuilding and recovery efforts,” said Karine Delvallee, CEO for Australia and New Zealand.
“In line with our 1MillionHours2Help campaign, we have globally committed to spend one million hours of working time volunteering in our local communities. In this context, we will also be allowing staff to spend up to 10 paid days assisting with bushfire-related recovery projects.”
BNP Paribas’ Rescue & Recover Fund has raised more than €4 million ($6.45 million) since its inception seven years ago to support communities in times of natural disaster or crisis. Across France, on top of employee contributions, BNP Paribas’ retail banking customers will also be able to donate to the Fund, which will support the Red Cross Australia.
For more information, please visit the site here.
Press Contacts
Amanda Boswell +61 2 9619 6299 amanda.boswell@au.bnpparibas.com
BNP Paribas today announced that it will launch an electronic foreign exchange (e-FX) pricing and trading engine in Singapore, with the support of the Monetary Authority of Singapore (MAS).
“Singapore is a key trading centre for us in Asia Pacific, where we are committed to investing for growth. In Southeast Asia, we have seen our e-FX trading volumes grow by double-digits year-on-year. With the new e-FX Hub in Singapore, our clients will benefit from better access to liquidity, more efficient price discovery and timelier trade execution. Working with MAS on this initiative underscores Singapore’s focus on improving market efficiency and the sector’s growth potential in the region.” said Christophe Jobert, Head of Global Markets for Southeast Asia, BNP Paribas.
Singapore sits at the heart of Southeast Asia, where rising international trade is speeding up demand for more sophisticated FX instruments. At the same time, in the highly dynamic FX market, access to data and Artificial Intelligence (AI) tools can mean having an edge in trading strategy. The new engine will offer e-FX trading of 50 currencies in spot, forward, swaps, non-deliverable forwards (NDFs) and options, as well as commodities e-trading for both precious and base metals.
The launch is part of MAS’ plan to develop Singapore as Asia Pacific’s FX trading hub. Gillian Tan, Executive Director, Financial Markets Development Department, MAS, said: “BNP Paribas’s decision to launch its e-FX pricing and trading engine in Singapore will be an added boost to Singapore and Asia’s FX market. The engine seeks to enhance clients’ trading experiences with improved latency and pricing and will provide more efficient price discovery and improved liquidity in the Asian trading hours for clients in the Asia-Pacific, and support global follow-the-sun execution of FX trades. Over time, global and regional market participants will benefit from the further development of the FX market in Singapore to conduct greater trading and risk management in the Asian time zone.”
The launch of the BNP Paribas e-FX engine in Singapore comes as the Bank prepares to bring Cortex LIVE – its latest single dealer platform – to Singapore clients, in response to increasing client needs for more sophisticated and real-time trading tools. Cortex LIVE features the FX industry’s first real-time digital trading assistant, as well as a real-time market intelligence portal, representing the latest advances in AI and Natural Language Processing.
“With the delivery of both the e-FX engine and Cortex LIVE in Singapore, clients here will benefit from an unrivalled combination of real-time feedback, quicker and more intelligent trade execution, greater transparency and enhanced controls,” said Rawad Khodr, Regional Head of G10 FX Spot Trading, Global Markets, APAC, BNP Paribas.
Press Contacts
Geraldine Ding +65 6210 1291 geraldine.ding@asia.bnpparibas.com
BNP Paribas China Ltd has become the first foreign bank to underwrite an onshore corporate bond issued by a Chinese domestic issuer in the China market, after being awarded the Type-A Corporate Bond Lead Underwriting Licence in September this year.
BNP Paribas China Ltd acted as a joint lead underwriter for China Universal Leasing Co. Ltd’s RMB 500 million bond, issued on December 9. The super short-term commercial paper marks the first time a foreign financial institution has worked with a domestic player to issue in the world’s second-biggest market.
CG Lai, CEO of BNP Paribas China Ltd, said: “We are honored to become the first foreign bank to underwrite a bond issued by a Chinese domestic company, underscoring our consistent commitment to China. As a fully-licenced bank, BNP Paribas brings the strength of our comprehensive onshore expertise to continually help more foreign investors navigate China’s market and deepen our engagement in China’s domestic financial market to help our clients achieve their long-term business ambitions.”
George Sun, Head of Global Markets for Greater China, said: ”We are pleased to successfully complete this deal and we will look into more opportunities that can help both onshore and offshore clients tap into the growing potential of China’s domestic bond market. ”
BNP Paribas China Ltd was granted a Type-A licence, allowing it to lead underwrite domestic corporate debt from Chinese companies, from China’s National Association of Financial Market Institutional Investors in September. Previously, BNP Paribas China was awarded the Type B licence in December of 2018.
Press Contacts
Ayesha de Kretser +852 2108 5458 ayesha.dekretser@asia.bnpparibas.com
BNP Paribas today announced that Karine Delvallée has been appointed Head of Territory for Australia and New Zealand and General Manager of BNP Paribas Australia Branch, effective from 1 October 2019.
With more than 25 years’ experience in the finance industry, Mrs Delvallée was most recently Chief Risk Officer, Asia Pacific at BNP Paribas, a role that she had held since 2015. Having first joined BNP Paribas in 1993, she has held a number of senior roles including Head of RISK for Corporates, Asia Pacific from 2011 to 2014, Head of Analysts and Credit Management for the Energy and Commodities business and as a corporate relationship manager.
BNP Paribas’ Head of Corporate and Institutional Banking Asia Pacific, Paul Yang said: “Karine’s agility and pragmatism, combined with her experience across multiple markets and businesses leave her well-placed to help our Australian and New Zealand clients access deep BNP Paribas’ international network.”
Mrs Delvallée replaces James Gibson, who has taken up a new role as Head of Territory for BNP Paribas in Japan.
Press Contacts
Amanda Boswell +61 2 9619 6299 amanda.boswell@au.bnpparibas.com
BNP Paribas today announces the following appointments in its Wealth Management division in Asia Pacific: Andy Chai, currently Head of Wealth Management Greater China Markets, and Arnaud Tellier, Head of Wealth Management Singapore and Southeast Asia, are appointed as co-CEOs for Wealth Management in Asia Pacific. The appointments are effective 8 October, 2019.
Mr Chai and Mr Tellier will assume joint responsibility for the strategic direction and operations of BNP Paribas’ Wealth Management business in the region.
Mr Chai will have oversight of the Greater China markets including mainland China, Hong Kong SAR and Taiwan and lead the Strategic Client segment across Asia. Arnaud will cover the Southeast Asia, India and International markets while investment services and key support functions will report to him.
Both will report hierarchically to co-CEO of BNP Paribas Wealth Management, Vincent Lecomte, and functionally to CEO Asia Pacific of BNP Paribas Group, Eric Raynaud.
David Lim, a Market Head for Southeast Asia, is appointed Head of Wealth Management Singapore and Southeast Asia, reporting to Mr Tellier.
Pierre Vrielinck, who has held the position of CEO Asia Pacific since 2017 and made excellent contributions to refocusing growth of the franchise, will return in December to a senior leadership role within BNP Paribas Wealth Management in France.
Veteran BNP Paribas banker, Mignonne Cheng, will retain her role as Asia Chairman for Wealth Management and continue to bring her strategic vision and extraordinary client knowledge to the franchise.
Commenting on these appointments, Vincent Lecomte, co-CEO of BNP Paribas Wealth Management, stated: “Asia represents a key growth engine for BNP Paribas Wealth Management and we are committed to deepening our engagement with our private clients. Under the combined leadership of Andy and Arnaud, with their long and successful track records at BNP Paribas, I am confident that our franchise will go from strength to strength to continue fulfilling our clients’ expectations.”
Eric Raynaud, CEO Asia Pacific for BNP Paribas Group, said: “Our Wealth Management franchise is a cornerstone of our “One Bank” approach, enabling us to meet both the personal and professional financial needs of High Net Worth clients across Asia. With the rich experience of Andy and Arnaud, spanning both Corporate and Institutional Banking as well as private banking, I look forward to the strong and sustainable growth of our Wealth Management platform for years to come.”
Press contact:
Ruby Lo +852 2909 8847 ruby.y.lo@asia.bnpparibas.com
Geraldine Ding +65 6210 1291 geraldine.ding@asia.bnpparibas.com
BNP Paribas (China) Limited today announced it has been granted membership of the Shanghai Gold Exchange’s (SGE) Main Board. The move will allow the bank to provide even more services to its international and domestic client base.
The granting of this membership means BNP Paribas will be able to fully participate in the Chinese gold market and offer deeper liquidity and a broader product scope.
“Our membership on the main board is an important milestone for BNP Paribas in China, where we have continued to grow our offering. With this move, we will be able to participate in listed gold contracts, gold leasing, and other gold derivatives business,” said BNP Paribas’ Global Markets Head for Greater China, George Sun.
“BNP Paribas is a world leader in commodities trading, including in the precious metals space. Through our participation on the main board, we hope to help boost China’s positioning as a global centre for gold trading,” said Mikko Rusi, BNP Paribas’ Head of FX, Local Markets & Commodity Derivatives for Asia Pacific.
Since starting bilateral gold trading on the SGE in May 2017, BNP Paribas (China) Limited’s gold business has expanded to include Spot, Swaps and Options trading. In April 2019, the bank was awarded the Best Growing Institution in the over the counter market by the SGE.
SGE was established by People’s Bank of China, and upon State Council approval in October 2002, it has been the world trading centre for gold, silver and platinum. In 2018, SGE became the second biggest gold exchange market globally by volume.
Press Contacts:
Ayesha De Kretser +852 2108 5458 ayesha.dekretser@asia.bnpparibas.com
BNP Paribas today announced that BNP Paribas China Limited is one of the first two foreign banks that has been awarded the Type A Corporate Bond Lead Underwriting Licence from China’s National Association of Financial Market Institutional Investors (NAFMII).
The official announcement of China’s Relevant Measures for Further Opening Up Financial Sector released in July permitted foreign banks to apply for a Type A licence, which allows them to lead underwrite onshore corporate bonds issued by Chinese domestic companies. Previously BNP Paribas was one of only three foreign banks awarded a Type B licence, enabling the bank to lead underwrite the corporate bond issuance by foreign companies outside China.
CG Lai, CEO of BNP Paribas China, said: “We are pleased to be awarded this licence in recognition of our work to develop and deepen foreign expertise in Chinese capital markets. We have been active in building the Chinese franchise for both local and multinational subsidiaries in China over the past few years and look forward to utilising this new license to offer more solutions for our onshore clients.”
In December of 2018, BNP Paribas China Limited received the Type B Corporate Panda Bond Lead Underwriting Licence. Since then, the bank has been successfully helping foreign corporate issuers to tap into China’s growing onshore CIBM bond market. BNP Paribas is the only foreign-invested bank that holds both the Type A and Type B licences.
BNP Paribas’ presence in China dates back to 1860 when it opened its first office in Shanghai. Today, with nearly 500 staff based in China, BNP Paribas provides banking, financing and advisory services via its Corporate & Institutional Banking and international financial services.
Press contact:
Jackie Wang JackieZ.Wang@asia.bnpparibas.com
United Overseas Bank Limited (UOB) and BNP Paribas today announced they acted as Joint Green Structuring Advisers and Coordinators for a green club loan facility of US$200 million to Agricultural Bank of China Limited (ABC), Singapore Branch. This is the first green club loan facility established under ABC Singapore Branch’s Sustainable Financing Framework.
The loan proceeds will be used to finance green projects that adhere to the green financing principles, guidelines and standards referenced in the Sustainable Financing Framework, which BNP Paribas and UOB jointly developed for ABC Singapore Branch.
Ms Chaoni Huang, Head of Sustainable Capital Markets for Asia Pacific, BNP Paribas, said, “Chinese banks are recognising the importance of green finance to their own sustainable growth in this region. With the support of the People’s Bank of China and innovative policy frameworks in Singapore, forward-thinking institutions like Agricultural Bank of China Singapore Branch are developing frameworks to guide financing to sectors that can make a big difference to the fight against climate change. BNP Paribas is pleased to play a leading role in such a transaction, which demonstrates that sustainable finance is evolving fast in Asia.”
Ms Lim Lay Wah, UOB’s Global Head of Financial Institutions Group (Banks, Non-Bank Financial Institutions and Financial Sponsors) said, “UOB has been working with our clients and partners across industries to promote and to implement sustainable business practices for the benefit of various stakeholders. Our coordination and arrangement of the green club loan facility demonstrate UOB’s responsibility and commitment to drive collaborative efforts in the financial sector to ensure the long-term economic, social and environmental well-being of the community at large. Our support also reinforces our longstanding relationship with ABC, one of China’s leading banks.”
The US$200 million green loan to ABC Singapore Branch is the first tranche of a US$465 million club loan facility, of which BNP Paribas and UOB are also Mandated Lead Arrangers, together with five other banks. UOB also acted as the Agent in the transaction.
Press contact:
Geraldine Ding +65 6210 1291 geraldine.ding@asia.bnpparibas.com
Ruby Lo +852 2909 8847 ruby.y.lo@asia.bnpparibas.com
BNP Paribas announced today a pioneering agreement with Morningstar, a leading independent investment research provider, to source equity research in APAC for its buy-side clients.
Under the terms of the agreement, BNP Paribas will source independent equity research from Morningstar in five key territories, excluding India. This will consist of around 150 stocks in China, Hong Kong, Singapore, Korea and Taiwan across six key sectors: financials, real estate, consumer, TMT, energy / natural resources and healthcare. BNP Paribas will be the exclusive sell-side cash equities provider distributing this Morningstar research to the buy-side in APAC. Collectively, the relationship will bring BNP Paribas’ total coverage in the region to around 330 stocks including India, where it will continue to undertake equity research in-house.
With recent changes in regulatory and market conditions, banks have sought to adapt their sell-side cash equity research models, while continuing to meet clients’ needs. In this context, BNP Paribas’ announcement pioneers a new and innovative model in APAC that is sustainable and scalable, while enabling it to continue to provide clients with high quality, fundamental research.
Moreover, the relationship will enable BNP Paribas to strengthen its equity distribution platform and further grow its Equity Capital Markets (ECM) franchise in Asia. In addition, the relationship mirrors BNP Paribas’ successful set-up in EMEA where Exane BNP Paribas, Europe’s #1 ranked equity research house according to Extel, has operated in partnership with BNP Paribas Corporate and Institutional Bank for more than 15 years.
Hugo Leung, CEO of BNP Paribas Securities, said: “today’s announcement represents an innovative change to how we undertake cash equity research for the buy-side in APAC. The new model enables us to continue delivering what our clients want – strong, credible research in existing and new companies that they are interested in investing in – with the advantage of scalability as our clients’ needs evolve.
“This should ensure the long-term sustainability of our business model and underpin our strong ambitions in cash equities and ECM, both of which we remain fully committed to. Furthermore, we remain fully committed to continuing to provide top quality research across multi-asset classes to our clients in all major markets across the region, and we are pleased to work with Morningstar in this context.”
Lorraine Tan, Director of Equity Research for Asia, Morningstar, said: “Morningstar stands unique in our commitment to providing research that delivers an independent view on stocks from the investor’s perspective. We applaud the vision of BNP Paribas in turning to our strong equity research capability. The agreement with a sell-side cash equity and capital markets provider in Asia.”
Press contact:
Andrew Achimu +852 2108 5457 andrew.achimu@uk.bnpparibas.com