The 1986 reorganisation

By the end of 1986, the fierce competition on the Dutch market led the Bank to reorganise, putting in place a more collaborative structure based on three departments: a Markets department led by Peter van der Velden; a Commercial department headed up by Piet van Zanten; and the General Secretariat run by Greg Philip. This new organisation helped to drive the development of new business services between 1987 and 1988. It operated as follows:

The Markets department covered treasury activities (forward rate agreements, interest rate swaps), spot and forward currency contracts, and securities. The actual stock exchange orders were executed through BNP Securities BV, which was founded in late 1987 and was an active member of the Amsterdam Stock Exchange.

The Commercial department comprised Corporate Banking and New Business. Organised into specialised desks (three desks in Amsterdam respectively for multinationals, Dutch firms and French and Southern European companies; and the Rotterdam desk, which specialised in commodities), the department was also responsible for Trade Finance, a sector where the Bank s business was growing, mainly due to an automated system for managing documentary collections. What were known as New Business activities comprised Leasing (BNP Finance B.V.), which was started up in early 1988 through the acquisition of a portfolio amounting to 85 million guilders that had reached 150 million by mid-1989, plus also the activities of BNP Trust B.V., founded in 1987, which offered setting up, administration and management services for financial companies and holding entities, a business closely linked to the terms of the tax treaties signed between the Netherlands and a number of countries.

The General Secretariat comprised the Human Resources, accounting & management control, auditing and IT departments.

10 candles in Amsterdam

In November 1987, BNP President René Thomas went to Amsterdam to celebrate the tenth anniversary of BNP in the Netherlands. From the time it was set up, it had developed expertise in the treasury and forex businesses through its relationships with major Dutch and multinational companies. The Bank offered a complete range of financial services through its branches in Amsterdam and Rotterdam and its specialised subsidiaries BNP Finance B.V., BNP Trust B.V., and BNP Securities B.V. Headcount in the Netherlands by then totalled eighty staff.

PRESIDENT OF BNP RENÉ THOMAS VISITING BNP AMSTERDAM BRANCH,

NOVEMBER 1987

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