BNP Paribas to double India sales in 5 years

BNP Paribas to double India sales in 5 years

Paris: French bank BNP Paribas plans to double its India revenue by 2015 to around €1 billion ($1.38 billion), its chief executive told newspaper Les Echos.

India currently represents around €400 million in sales, or about 1% of annual group revenue, the newspaper said.

“India’s share of BNP Paribas revenue will grow at a much faster rate than the rest of the group and should double in the next five years," CEO Baudouin Prot said.

BNP will also house its 800 India staff in a new tower in Mumbai’s financial district and create a new “advisory board" filled with local businessmen, state officials and educators, he said.

BNP’s activities in India include investment banking, a life insurance venture with SBI and the Geojit BNP brokerage.