From 65438 to 0992, BNP Paribas and China Industrial and Commercial Bank established the first Sino-foreign joint venture bank in China: Shanghai Paris International Bank.
After China's entry into WTO, BNP Paribas thinks it is a good time to set up new institutions and further develop domestic banking business, and Industrial and Commercial Bank of China also thinks this action is a supplement to its strategy. Therefore, the parties to the joint venture decided to adjust the joint venture company, and ICBC transferred all its shares in BNP Paribas to BNP Paribas, thus transforming the joint venture bank into a wholly foreign-owned bank and renaming it BNP Paribas (China) Co., Ltd.
On June 25th, 2003, the chairman of BNP Paribas Berber announced at a press conference in Beijing that BNP Paribas (China) Co., Ltd., which is wholly owned by BNP Paribas, will open in Shanghai on June 26th, 2003. BNP Paribas and changjiang securities's joint venture Changjiang Paris Baifuqin Securities Co., Ltd. was also established on the same day.
It is reported that the company is currently controlled by BNP Paribas 100%. Bai Le said that its advantage lies in its integration of foreign and local banking businesses. They have local knowledge and market experience, and can also operate RMB business. They can also take advantage of the latest product development and the most advanced financial technology of the Group.