French banks praise the initiative of local governments to promote the Paris Financial Marketplace.
Having a strong, attractive financial marketplace is a key factor in the economic development of a region and the financing of its economy: that is the message conveyed today by the territorial authorities of Ile-de-France for the “Paris Marketplace: Welcome to Europe!” conference jointly organized by Paris Europlace and Paris-Ile de France Capitale Economique.
The French Banking Federation (FBF) is praising this strong and unprecedented initiative by the Ile-de-France Region, the City of Paris, and the Hauts de Seine Department. This is a seminal event. The local governments’ commitments in the areas of their authority – infrastructure, education, and real estate – will play a key role in allowing the Paris Marketplace to take its position in European competition.
With clear vision and enthusiasm, Marketplace players, specifically the banks, are engaging in this battle of appeal. As was mentioned when the Paris Marketplace 2020 Committee met on 30 May, they are now awaiting a strong signal from the French government to show, in turn, their commitment to jobs and growth driven by the Paris Marketplace (FBF Press Release of 30 May 2016).
At that event, FBF Chairman Frédéric Oudéa listed the advantages that the Paris Marketplace already has, but he also listed its weaknesses, specifically the level of deductions that are negatively impacting employment. He also stressed the growing role that the capital markets are playing in financing business. In this regard, French corporate and investment banks (CIBs) are one of the major advantages on which the Paris Marketplace may rely in international competition, and French businesses may rely for financing their development.
On this occasion, for the first time, he showed an educational film made by the FBF explaining the role of CIBs. This film relies on the testimony of CIB clients (Showroom Privé, Engie, Axéréal, Airbus, and the Ile-de-France Region) which concretely illustrate how CIBs can effectively meet their needs with a whole range of solutions: IPOs, currency risk hedging, bond financing, private placements, and issuing green bonds, among others.
Frédéric Oudéa’s address at “Welcome to Paris!”
Paris : Welcome to Europe ! (french version)