The French Connection

One unexpected consequence of the credit crisis: a better standing in North America for BNP Paribas.

April 14, 2008

When Jacques d'Estais, head of corporate and investment banking at BNP Paribas, visited New York three weeks ago, he met with nearly 15 clients in two days. The visits were with corporations, two private equity firms and a hedge fund. BNP had been competing with UBS to advise one of them on a transaction, and during a breakfast meeting with that client, d'Estais was told UBS was out of the running. Prior to last August, the competition would have likely had a different outcome. Today, BNP, a Paris-based financial institution with a strong focus on North America, has managed to survive the credit crunch with much less damage than its larger competitors in the US and Europe.

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