At present, the primary focus of BNP Paribas is on corporate and investment banking, wealth management and cash management. The France-based banking major has nine joint ventures, three subsidiaries and eight branches in India.
Reportedly, the bank has tie-ups with Geojit for retail broking, SBI Life for insurance, Sundaram for mutual funds and with Srei for equipment finance.
Mr Michel said: “We do not have any plans for setting up retail banking facilities in India at present. This is because retail banking calls for specific products based on market needs.
“India is almost six times bigger as a country compared with France, and it has lot of diversities. We cannot transfer our recipes of retail banking model in France to India as each market has its own specifications,” reported the newspaper.
