FTZ aids foreign financial institutions to strengthen Chinese operations
BNP Paribas China is located in the Lujiazui area in Pudong
With the implementation of a number of innovative financial regulatory practice since the setting up of the China (Shanghai) Pilot Free Trade Zone (FTZ), foreign financial institutions are strengthening their Chinese operations.
CG Lai, chief executive officer of BNP Paribas China, said on Tuesday that the bank had already submitted relevant documents to the China Securities Regulatory Commission for approval to set up a wholly owned securities service subsidiary, in addition to applying for a license to be able to provide custodial services for securities investment fund locally.
Lai made the remarks at a group press interview as part of a series of press events marking the 10th Anniversary of the China (Shanghai) Pilot Free Trade Zone.
"Over the 10 years since the launching of the Free Trade Zone, the creation of a host of innovative measures in terms of financial opening up has significantly increased foreign financial institutions' enthusiasm for and confidence in quality investment in Shanghai," Lai said during the interview.
CG Lai, chief executive officer of BNP Paribas China, at a group press interview as part of a series of press events marking the 10th Anniversary of the China (Shanghai) Pilot Free Trade Zone.
BNP Paribas has played an active role in participating in these pioneering financial innovations.
The bank's presence in China dates back to 1860, when its first office was set up in Shanghai. Thanks to its sustained investment over the years, BNP Paribas China now provides banking, financing, and advisory services to corporations and financial institutions, institutional investors, and high-net-worth clients.
"China is a pivotal region for the bank's development, and Shanghai is a strategic hub for our development in China," Lai said.
Recently BNP Paribas Asset Management set up a wealth management joint venture with the wealth management subsidiary of Agricultural Bank of China. This joint venture is registered in the FTZ.
The joint venture will give full play to the respective advantages and characteristics of both sides in an attempt to better meet clients' increasingly diversified investment and wealth management needs.
Lai said that in the future BNP Paribas would continue to be committed to the China market by providing high level financial services and introducing more innovative and sustainable finance, creating more value for its clients, for the economic growth of China, and for the high quality open-up of the capital market, by leveraging a myriad of advantages accruing from the FTZ.
