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Mumbai:
The French
bank BNP Paribas, which had recently cut back its retail
banking in India, said it has brought in Rs 80 crore as
additional capital for Indian operations. Of this, around
75 per cent will constitute tier-I, while the balance
will be tier-II capital, resulting in an increase of 43
per cent in its capital base.
On 28 February 2002, the
bank had said it was in the process of re-evaluating its
project of retail banking activity with the objective of
repositioning its offer. Last year, the bank had also shut down
its securities brokerage arm.
The additional capital
infusion will cover the statutory capital requirements stipulated
by the Reserve Bank of India for foreign banks operating in the
country, a bank press release said. The additional capital will
further augment the banks thrust in developing its corporate
banking, fixed income and private banking activities, the release
added.
The focus of the bank
will continue to be on liabilities and capital market programmes.
It will also pursue the objective of becoming a substantial
player in the asset management business.
BNP Paribas has around 500 domestic and multinational corporates
as its clients in India. Currently, it provides working capital
loans, trade finance, cash management, foreign exchange and
specialised finance for its customers.
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