In 2009, BNP Paribas started serving as sponsor to the Euromoney Saudi Arabia conference in Riyadh, going on to become lead sponsor in 2010, until the present day. This is the most important event on the Kingdom s financial industry calendar.
The long tradition of BNP Paribas top executives paying regular visits to the Kingdom, underlining its key position in the Group s vision and future strategy, continues unabated. In April 2012, Baudouin Prot visited Kuwait and the Kingdom of Saudi Arabia, and stressed the importance of the Gulf States to BNP Paribas, as well as the Bank s shared history with the region: BNP Paribas has been present in the Middle East region for almost 40 years, he said. On this trip I have been privileged to meet with key clients and various stakeholders who have worked with BNP Paribas over the years. This has in turn helped us to contribute positively to the local economies in which we operate.
BNP Paribas is proven as a resilient global bank with an on-the-ground presence in all major markets listening to its clients and matching their constantly growing and changing needs. These traits were recognised in 2012, when BNP Paribas was awarded the Bank of the Year award by IFR, a prominent Thomson Reuters finance publication.
The establishment of the BNP Paribas Investment Company KSA in 2010, has allowed the Bank to continue to carry out high-profile advisory mandates for the government in many industries, including the fields of renewables and the automotive industry. It also acts on behalf of the government to reach agreements with a number of outside parties to invest in the country. BNP Paribas Investment Company KSA advises the government in a number of sectors where they seek the best expertise. BNP Paribas Investment Company KSA also acted as a pioneer in the Kingdom s debt capital markets, bringing the first perpetual hybrid bond for a large Saudi corporate to the market.
In December 2013, BNP Paribas in the Kingdom of Saudi Arabia achieved another milestone for the Bank s Gulf operations when the Capital Market Authority (CMA) authorised BNP Paribas Investment Company KSA to manage investment funds and conduct advising activities. This milestone, achieved after decades of sustained engagement with the Kingdom, has equipped the Bank to develop a local wealth management presence in the form of a fully-fledged onshore private banking platform. The new license which followed on from 2010, when the CMA began regulating BNP Paribas Investment Company
BNP PARIBAS LEAD SPONSOR AT EUROMONEY KSA, 2010
176 T H E H I S T O R Y O F B N P PA R I B A S I N T H E G U L F S TAT E S