PARIS, June 27 (Reuters) - France’s No. 1 bank, BNP Paribas , will unveil an expansion plan for the German market when it announces its second-quarter results at the end of July, its chief financial officer has told analysts.
BNP has already revamped its management team at its German operations as it seeks to make a fresh push in Europe’s largest economy to offset recession at home.
BNP Chief Financial Officer Lars Machenil told an analysts’ meeting last week that the German growth plan would be followed later this year by more details on its ambitions to grow in United States, according to two analyst notes on the event.
“New plans will be announced progressively ... (a) business plan for Germany with second-quarter 2013 results and for the U.S. with third-quarter 2013 results,” JPMorgan analyst Delphine Lee wrote in a note to clients.
Royal Bank of Canada analyst Anke Reingen also wrote that the strategy for Germany would come with the second-quarter results. A BNP spokeswoman declined to comment but reiterated BNP’s commitment to growing in Germany.
Banking sources close to BNP have told Reuters that organic growth, rather than a big banking acquisition, is its preferred strategy.