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BNP plans to focus business development in Asia-Pacific

France’s BNP Paribas has introduced a strategic plan to reduce cost and accumulate requisite fund as well as to focus business development in the Asia-Pacific region.

The bank has outlined a three-year plan 2014 to 2016, which is designed to help achieve cost savings starting in 2013 and expected to reach €2bn a year as of 2015.

Backed by €1.5bn investment program for the next three years starting from 2013, the bank aims to simplify its functioning and improve operating efficiency.

The lender aims that almost half of these savings will come from retail banking, one third from CIB and a sixth from investment solutions, without winding down any business unit.

In order to maximize the benefits, general management will head the program which will include five areas for transformation including process review, system streamlining, operating simplification, customer service and cost optimization to improving operating efficiency.

Apart from focusing on Asian expansion, the lender has stressed that it will continue to strengthen its leadership positions through Investment Solutions in Europe in 2013, mainly targeting ultra high net worth individuals in private banking and institutional clients.