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BNP to expand business operations in Asia, US

French bank BNP Paribas is set to expand its businesses in the US and in emerging markets of Asia, in an effort to gain new business opportunities and to mitigate eurozone exposure.

Speaking in an interview with the Financial Times, BNP Paribas chief executive Jean-Laurent Bonnafé told that after reaching its main targets, the bank now had "time to look at the future" since its deleveraging plan to reduce its balance sheet and to bolster its capital "is closed".

The lender is expected to reveal its investment banking and asset management operations in Asia at the end of the year, while in the US it is likely to to expand its fixed income and wealth management businesses, through Bank West, which is a California-based bank.

"We cannot think about releasing a global plan before the end of next year because we need to know the rules of the game. But either for specific businesses or specific regions, we think we can disclose something earlier," Bonnafé told the news paper.

According to the financial report by the bank, Asia represents nearly 12% of BNP’s non-retail revenues, which stood almost half of the total non-retail revenues earned, and the lender gears up to increase this earning many times within next three to five years.

"With its huge asset management industries, if you want to distribute European assets you need to have a relevant platform in the US to maintain and to develop access to investors."

Additionally, it also has plans to target on its growing Turkish bank; operations in north Africa and the Gulf; and the insurance and security services.

The bank has already achieved core tier-one capital under the incoming Basel III regulations to 9%, which stood by 8.9% by the end of June.