MANAMA: BNP Paribas as a global player has successfully minimized exposure to the subprime mortgage crisis as well as to bad debts, thanks to the bank’s prudent lending policies, a senior official at the bank said.
Tariq Al-Samahiji, CEO of BNP Paribas Investment Partners Middle East and North Africa (MENA), based in Bahrain, said in an interview that the group was proud of the business model which had largely kept business moving even during the current financial crisis.
Tariq, who led the team at the 2nd Annual Fund Forum Middle East held in Bahrain last week, said that GCC (Gulf Cooperation Council) as a region would continue to enjoy a comfortable position while some other areas faced a trouble due to the credit squeeze.
“BNP Paribas Investment Partners brings together the full range of asset management expertise of the BNP Paribas group. Through a unique platform that offers immediate and simplified access to a broad range of specialist partner companies, BNP Paribas Investment Partners has become a leader among the multi-specialist asset managers. As of end September 2008, assets under management amounted to 326 billion euros, nearly half of which was managed for institutional clients,” he said.
“BNP Paribas has emerged as a lead player in the funds management and securities services industry in the GCC. The bank’s total portfolio in this segment is estimated at around $1.8 billion in the Gulf and with continuous innovation will keep this portfolio growing. “We have high expectations regarding the growth of the fund management and securities services industry in the Gulf countries, and we are well positioned regionally to provide our expertise,” he added.
“During the fund forum we advised our clients on the importance of global custody at a time where asset security is of paramount importance. One of our speakers also presented a study on the correlation of MENA equity exposure in a global portfolio and the benefits this can offer investors seeking prudent diversification.”
“BNP Paribas is one of the top rated financial institutions in the world and is well positioned to assist clients in safe guarding their assets. BNP Paribas Securities Service set up offices in Bahrain earlier this year and have already taken on new clients as the need for global custody and securities services gains importance for local government agencies, regional fund managers and family offices. BNP Paribas Securities Services, a wholly owned subsidiary of BNP Paribas, is the world’s highest rated custody bank. With 3.6 trillion-euro assets under custody, 634 billion-euro assets under administration and close to 6,000 funds administered, BNP Paribas Securities Services is the Euro Zone’s leading securities services provider and rated number five in the world,” he said.
