News Oil 

BNP Paribas to stop financing shale projects

“A BNP Paribas spokeswoman declined to comment on the bank’s exposure to shale and oil sands projects, but analysts estimate that it is limited” writes Noemie Bisserbe for marketwatch.com. Earlier this year, BNP Paribas said it won’t finance coal energy sector companies that aren’t seeking to diversify their energy sources.BNP Paribas won’t finance oil or gas projects in the Arctic region either, the bank said.The shale oil sector has boomed over the last three years, despite a steep drop in oil prices.BNP Paribas is one of the first banks to…

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News Oil 

One of Europe’s biggest investment banks plans to stop working with shale oil players

“BNP Paribas, France’s biggest listed bank, said on Wednesday it would no longer work with oil and natural gas companies that primarily do business in shale or oil sands as it plans to boost support for renewable energy projects” writes unknown author for cnbc.com. The bank also said that it would no longer finance new projects that are primarily involved in the transportation or export of oil and gas from shale or oil sands. BNP Paribas’s smaller rival Societe Generale said in October last year that it would quit financing…

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Markets News 

A Global Approach To Local B2B Payments Digitization

“Digitization of B2B payments is on the rise, but the trend is challenged by discrepancies across geographic markets, according to the latest World Payments Report by Capgemini and BNP Paribas” reports pymnts.com. But, it is difficult to assess overall trends in the digitization of B2B payments across the globe, however, because Capgemini and BNP Paribas found broad discrepancies across geographic markets.But, despite the increased use of digital payments, cash remains king, especially for low-value transactions.Industry participants can prepare for uncertainties as the payments ecosystem develops by working with banks and…

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News Platforms 

R3 Members Develop Blockchain Trade Finance Prototype

“Eleven FI members of the R3 platform consortium have announced the next step in using the distributed ledger technology for trade finance” reports pymnts.com. That exploration led the group to develop the prototype trade finance app, the firm explained, that includes shippers and carriers.The banks announced news on Monday (Aug. 7) that they have developed a prototype application on R3’s blockchain platform, Corda, that aims to digitize and streamline letters of credit for trade finance transactions.The application we have built is the first of its kind, and we look forward…

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News 

Corporate Banking Boosts BNP Paribas’ Q2 Performance

“In 2015 BNP Paribas announced renewed corporate banking strategies, with CFO Lars Machenil planning to boost market share and expand cross-border corporate payment capabilities” reports pymnts.com. Its corporate banking unit was particularly strong, with its corporate and institutional bank having a “very good quarter,” the bank said in a statement.BNP Paribas has taken steps to enhance its corporate banking services recently.Top French bank BNP Paribas didn’t lose as much money as analysts predicted.Cash management and trade finance operations boosted its corporate banking revenue by 13.5 percent. Source: pymnts.com Share This:

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News 

BNP Paribas delivers earnings beat with strong revenues from investment banking division

“France’s largest bank BNP Paribas announced Friday that it delivered a top and bottom line beat in the second quarter, against consensus estimates, as its diversified banking model helped it to weather the recent trading activity downturn more successfully than many peers” writes Gemma Acton for cnbc.com. Here are some of the key metrics: Speaking to the drivers of the lender’s 17.2 percent annual jump in net income (excluding exceptional items), Lars Machenil, chief financial officer (CFO) told CNBC from the company’s Parisian headquarters that BNP Paribas’s strong result was…

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News Regulators 

US Federal Reserves fines BNP Paribas $246 million

“WASHINGTON, July 17 (Reuters) – The Federal Reserve announced Monday it was fining BNP Paribas $246 million for “unsafe and unsound” practices in its foreign exchange markets” writes Aol Staff for aol.com. In addition to the fine, the Fed ordered BNP Paribas to overhaul how its senior management conducts oversight, and heighten controls on its FX trading. (Reporting by Pete Schroeder; editing by Diane Craft). In January, the Fed permanently barred one of the bank’s former traders, Jason Katz, from participating in the industry in the future over manipulation of…

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News 

BNP Paribas Hires New Head of Asia-Pacific Institutional Distribution

“BNP Paribas Investment Partners (BNPP IP), the asset management business of the BNP, has hired Mark Speciale as Head of Asia-Pacific institutional sales” reports financemagnates.com. Speciale, who has over 30 years of financial services experience, principally in business development and client service in investment management and capital markets, has joined BNP Paribas from BNY Mellon, where he was Asia-Pacific (APAC) head of institutional distribution within its investment management business.Mark will be responsible for leading the bank’s APAC institutional sales strategy, client relationship management and consultant engagement.His focus is on strengthening existing…

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Markets News Platforms 

Secure messaging app Symphony raises $63M led by BNP Paribas, sources say at a $1B+ valuation

“Symphony competes not only against other messaging apps also targeting enterprise users, but also other services that bankers have used to communicate to each other” writes Minutes Ago Greg for techcrunch.com. A majority of Symphony’s existing shareholders also participated in the round, the company said.Symphony, a secure messaging app that counts 15 of the world’s biggest banks among its investors and 200,000 paying customers, has raised a new tranche of funding to fuel its expansion into new markets. Our customers’ desire to make Symphony their central platform and replace legacy tools…

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News 

BNP Paribas posts better-than-expected profit

“PARIS–French bank BNP Paribas SA (BNP.FR) reported a better-than-expected net profit for the first quarter, aided by a rebound in bond trading” writes Noemie Bisserbe for marketwatch.com. BNP Paribas is the first major French bank to report first-quarter earnings.The Paris-based lender, France’s largest listed bank by assets, said net profit rose 4% to 1.89 billion euros ($2.06 billion) from EUR1.81 billion a year earlier.That beat analysts’ expectations for a profit of EUR1.54 billion, according to a poll by data provider FactSet. Source: marketwatch.com Share This:

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