The FINANCIAL — BNP Paribas is opening a representative office in Stockholm, bank reported. The group, which for many years now has conducted its corporate and investment banking
business in Sweden from London or Paris, now has a representative office
that will have about ten Swedish employees in the end.
"In Sweden, in just a few years, BNP Paribas has already proven its ability to switch from the status of "pure lender" to the status of "principal financial partner" of many of the country's large corporate clients", BNP says.
"Through the proximity and mobilisation of on-site sales teams, this representative office will make it possible to strengthen existing relationships and obtain new clients".
With 9 millions inhabitants, Sweden is the largest country in Scandinavia. Its projected growth of 3.8% in 2007 is higher than that in the Euro zone. Heavily dependent on trade, it has a well-developed industrial sector that has been very successful in foreign markets, as demonstrated by world famous Swedish brands such as Electrolux, Ericsson, Sandvik, SCA, Scania,
SKF, Volvo …
The BNP Paribas group is also present in Sweden through its insurance subsidiary Cardif Pinnacle, which has had an office in Goteborg. Since 2000, Cardif has had concluded numerous partnerships with large banks and finance houses of car manufacturers. It sells creditor insurance and individual protection and has already 130,000 customers.