The group’s full banking licence enables it to strengthen its local activities with a full range of global markets capabilities. Credit: Jorge Aguilar on Unsplash

BNP Paribas, a banking group headquartered in France, has started operations as a local bank in Mexico.

The group’s full banking licence enables it to strengthen its local activities with a full range of global markets capabilities such as cash, bonds, FX and Interest Rates/FX derivatives.

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It plans to eventually provide additional solutions for its local customers, including local currency financing and deposits.

The lender has been hitherto operating in the country since 1966 through various local entities.

Its service suite in the market includes corporate and institutional banking services, insurance, asset management as well as personal finance.

CIB Latin America head Florence Pourchet said: “We are delighted to continue strengthening BNP Paribas’ presence in Latin America as a robust, financial institution focused on providing clients with holistic, region-wide solutions.

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“Additionally, we are looking forward to the economic recovery and expansion in the region following the Covid-19 pandemic, which will further bolster our presence.”

The latest development bolsters the bank’s commitment to Mexico and supports its long-term outlook for economic development of the country.

BNP Paribas México CEO Francisco Hernández Lozano said, “This licence allows us to better serve our clients by expanding our capabilities and introducing new services.

“Our vision and commitment is long-term, and we believe that these services and our diversified activities in the renewable energy financing sector will contribute to the economic development of Mexico.”

Recent BNP Paribas moves

This March, the bank partnered with Baringa to develop its climate scenario analysis capability. The alliance is aimed at offering an additional objective and data driven approach to climate strategy and commitments.

Earlier this year, BNP Paribas picked Orange Business Services (OBS), a part of telecom company Orange, as its technology partner to speed up its digital transformation in France.