While the universal banking model is under attack in the UK by way of the Vickers-inspired, ring-fencing rules, France remains wedded to this type of model with bankers in Paris stressing its advantages in terms of both business spread and customer service. Of the major French banks, none is more diversified in its geographical stretch and business reach than BNP Paribas.
“Diversity is essential, diversity is the key element for running a bank in the long term,” says BNP Paribas CEO Jean-Laurent Bonnafé in an extensive interview with The Banker. The advantages of diversity are one area where Mr Bonnafé finds himself in agreement with the many analysts who cover the bank. They concur that it provides BNP Paribas with underlying strength.