Monday 28 May 2018

Bank Sharjah, BNP eye private banking JV

Dubai, March 7, 2010

Bank of Sharjah plans to join forces with France's biggest lender BNP Paribas to tap the fast-growing Middle-Eastern market for the very rich, the company's general manager said on Sunday.

The two banks are in the final stages of setting up a joint venture with possibly a 50-50 ownership structure to cover the Middle-Eastern private banking market, Bank of Sharjah's executive director and general manager told Reuters in an interview.

'To tap the potential of the region, you need the local know-how and in order to be credential you need the expertise of a solid bank like BNP Paribas,' said Varouj Nerguizian at the bank's headquarters in Sharjah.

Bank of Sharjah made Dh475 million in full-year net profit in 2009. For 2010, Nerguizian expects Dh550 million ($149.7 million) in net profit, although if regional stock markets remain weak, full-year net profit will be around Dh500 million, he said.

The bank is also considering establishing a European footprint, either by acquiring a small bank or obtaining a licence.

'I think we are going to pursue that shortly ... there is a lot of a business between Europe and the UAE that you can capture through that entity,' Nerguizian said.-Reuters

Tags: France | investment | BNP Paribas | Bank of Sharjah | finance |

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