Banking on digital
BNP Paribas CEO Jean-Laurent Bonnafé tells why mergers and acquisitions are taking a back seat - for now - at the French bank.
TOO much of a good thing can lead to indigestion - this axiom extends well beyond gastronomical delights, to mergers and acquisitions in the corporate scene. And so it is that at BNP Paribas, the choice is to resist a rich appetite for large buyouts in the next few years.
For Jean-Laurent Bonnafé, chief executive of the French bank, there is a greater urgency that comes with transforming the market leader in the eurozone region into a more digital outfit.
In 2017, the bank announced that it would invest 3 billion euros (S$4.72 billion) in digital technology over the next three years. In particular, that would mean raising spending on digital initiatives by 50 per cent over that period.
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