BNP Paribas was recently named ‘Global Bank of the Year 2008’ by The Banker magazine, at the ninth annual Banker Awards in London.

BNP Paribas was also named ‘Best Bank in Western Europe’ and ‘Best Bank in France’. UkrSibbank, BNP Paribas' subsidiary in Ukraine, was named 'Best Bank in Ukraine'.

The Banker magazine’s commercial banking awards acknowledge the institutions that have managed the challenges of the financial crisis with skill, courage and expertise.

The magazine noted that in a turbulent year, BNP Paribas’ model “demonstrated a remarkable level of stability and resilience”  and has been quick “to spot and grab the right opportunities”. The bank has “excelled in key growth areas.” For example the bank also won the Banker’s Award for Innovation in Islamic Finance.

'BNP Paribas' robust business model has a track record of delivering strong and diversified earning streams from all its business lines. This is thanks to its excellent client franchises and the quality of its teams,' stated Baudouin Prot, BNP Paribas’ CEO.

'While obviously not immune to the financial crisis, BNP Paribas’ stringent risk policy culture and good cost control duringthese difficult times have positioned it well to continue growing organically over the cycle.'

'The acquisition of Fortis will present BNP Paribas with a unique opportunity to expand its pan-European footprint and become the largest bank in the eurozone in terms of deposits,' he added.-TradeArabia News Service