BNP Paribas SA has hired close to 30 people to launch its securities operation in China, re-entering the market after exiting a local joint venture 17 years ago, people familiar with the matter said.
The French bank will initially focus on building out its brokerage, research and asset management units after receiving regulatory approval last week. The firm has opted not to expand its onshore investment-banking business due to the excessive costs and a dismal outlook for deals, the people said, asking not to be identified discussing private matters.