BNP Paribas Broadens Its Presence In The Gulf Region

BNP Paribas is expanding in the Gulf Region and plans to open 200 branches in two years, adding to the 314 branches the group had in the region in 2004. All of the banking subsidiaries belonging to this network adopted

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BNP Paribas is expanding in the Gulf Region and plans to open 200 branches in two years, adding to the 314 branches the group had in the region in 2004.

All of the banking subsidiaries belonging to this network adopted the “taking flight” logo of the BNP Paribas Group during 2005, when it created 25 new branches in Turkey, transferred 10 branches, and opened 3 tradecenters in the country. The network in Turkey should be completed by 2006 with the opening of 35 branches.

In the Middle East, BNP Paribas opened branches in Kuwait and Saudi Arabia in 2005, which was the first foreign bank authorized to offer banking services in these two countries.

BNP Paribas Cairo, Egypt is also expanding from 7 branches at the end of 2004 to 34 by the end of 2006.

BNP also plans to open 20 new branches for BMCI in Morocco in 2006 and plans to open 20 new branches for BMCI and 14 for BNP Paribas El Djazair in Algeria.

BNP Paribas Group said it is focusing on the Mediterranean Basin and the Gulf represent a special growth area for the bank, and claims the region has strong potential with 255 million inhabitants and a GNP of $930 billion.

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