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BNP Paribas to Expand Investment Bank in London

BNP Paribas plans to expand its business to corporate and institutional banking (CIB) in London, Chief Executive Jean-Laurent Bonnafe, quoted by the French trade union.

BNP Paribas said it seeks to capture market share from competitors withdrew from investment banking, as well as its moves forward with their own cuts.

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The French bank is aimed at more than one billion Euros (1.1 Billion Dollars) to save the cost of its investment bank over the next three years, while it still has not given detailed information about what the impact will be in terms of job cuts.

“About the future of London, Mr. Bonnafe confirmed that he is in a strategic position in Europe, where the focus of financial management of large international groups,” said union SNB / CFE-CGC in the bulletin, published on Friday.

“Thus, the presence of CIB, especially in the front part (office) will increase.”

The bulletin did not give any details on the number of employees. The union said Bonnafe comments made during the presentation of the annual results of the bank unions, which released February 5

BNP Paribas declined to comment.

The front office of the investment bank, as a rule, includes officials responsible for the sales and corporate finance. CIB BNP Paribas operations in the UK are based in central London, close to Marylebone.

With Britain holding a referendum on joining the EU on June 23, the major British and international companies make emergency plans, taking into account the risk of leaving the UK unit.

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