Former country head for Greece quiet on European financial crisis


BNP Paribas revealed on Wednesday ambitions to enhance its securities platform in Korea as a growth strategy in Asia Pacific’s burgeoning equity and derivatives broker market.

BNP Paribas is one of the leading financial groups based in Europe concentrating on retail banking, investment solutions and corporate and investment banking. The Seoul branch opened in 1976.

BNP Paribas Securities Korea, one of the four arms of the group’s Seoul branch along with BNP Paribas Seoul, Shinhan BNP Paribas Asset Management and Cardif Life Insurance Korea, plans to expand its reach to include retail investors, according to officials. The firm obtained an over-the-counter derivatives license in November 2011.

Although the securities company is a latecomer to the market, it is aiming to take root as a local brokerage, said Choi Hyung-ho, chief executive of BNP Paribas Securities Korea, at the firm’s first-ever press conference.

“BNP Paribas’ strength lies with the ability to capture opportunities with long-term perspectives, rather than to focus on short-term performance. As a committed long-term servicing partner in the country, BNP Paribas will contribute directly to the Korean economy by providing financial services that satisfy the needs of customers,” said Choi.

Renaud Meary, head of Structured Equity, Asia-Pacific at BNP Paribas Global Equities and Commodity Derivatives, said that BNP Paribas’ move to expand into the retail investor segment was strategic as it used to primarily service institutional clients.

“The Korea securities platform enhances BNP Paribas’ growth strategy regionally and it underscores the bank’s commitment to shoring up its equity and derivatives franchise in this market,” said Renaud.

“Given the importance of the Korean economy in the region and the level of development and sophistication of its financial sector, BNP Paribas aims to make a significant and positive contribution to the Korean financial market with the Bank’s financial know-how, as a provider of financial solutions that are recognized globally.”

Officials, however, were reluctant to comment on the current European financial crisis.

Joris Dierckx, country head for Korea and BNP Paribas Seoul general manager who formerly served as its Greece head, said the crisis was a complex issue that changed almost daily, but refused to go into further details.

By Park Min-young  (claire@heraldcorp.com)