BNPP

BNPP follows a very long-term view of how to run a banking business. The seeds of the bank’s current success and management read-through of current issues were sown in 2001. The bank’s activity happens to be very balance sheet-intensive, and in this respect, it is slightly penalized by the impact of climate transition and physical risks. Its strong position in Belgium and Italy also exposes the bank to flood and earthquakes, while being a big employer in France might limit the group’s ability to optimize its efficiency. The bank remains a eurozone proxy. A more relaxed banking regulation in the region could help BNPP’s capital planning.