BNP Paribas’s Fillion sees resurgent Latam growth
The French bank is in the process of being granted a banking licence by the Mexican Banking Commission and the Mexican central bank, likely by the end of the year.
BNP Paribas (BNPP) decided to increase its presence in Mexico in 2018 and has increased its banking team to 40 (from 25 at the end of 2017). BNPP’s US chief executive and CIB Americas chairman, Jean-Yves Fillion, expects the bank will continue to invest and anticipates a banking headcount of around 55 by the end of next year.
“Getting a licence will allow us to develop more products locally, such as trading, securities services and targeted lending that our client base has begun to demand in Mexico,” he tells Euromoney in an interview during the IMF/World Bank Meetings in Washington DC.
Will that be the next step?
Jean-Yves Fillion, BNPP
“We take a cautious approach to building our presence – I don’t think a ‘build it and they will come’ approach is the right strategy for EM banking,” he says. “A lot of our competitive advantage comes from the reputation we have for staying in the countries that we are in through the good times and the bad. This sustainability of our business can only be achieved by ensuring that we grow alongside the demand from our clients.”