BNP Paribas has announced today that it has been granted permission to set up a branch in South Africa.

BNP Paribas has announced today that it has been granted permission to set up a branch in South Africa. This is following the decision by SARB to issue an approval to establish a banking presence by means of a branch under section 18A (1) of the Banks Act 1990.

This will see the current representative office, based in Melrose Arch Johannesburg, to be converted into a full commercial branch offering corporate and investment banking services. The news marks an important milestone for BNP Paribas in South Africa, as it enables the bank to expand the range of products and services that it offers. The bank will continue to focus upon its existing strengths, whilst developing new relationships with core clients in South Africa and the Southern African Development Communities.

Alain Papiasse Head of BNP Paribas Corporate and Investment Banking (CIB) commented: "We are delighted to have received this news from SARB. This is a milestone for BNP Paribas in South Africa. We look forward to developing our activities in line with this. Our recent investment in Cadiz Securities is one example of our commitment to develop our business in the country and we will work closely with our clients to expand our offering to best meet their needs."

Source: BNP Paribas
Date: 22.03.2012