UAE financial institutions in Paris enhance city's prestige, says French minister

Morgan Stanley will open a new European office in Paris that will create 100 more jobs, French Finance Minister Bruno Le Maire said on Sunday, as Paris aims to burnish its credentials as a major European finance centre.

The closely watched Z/Yen survey of global financial centres, published in March, put New York as the world's top financial hub with London in second place. It also ranked Frankfurt above Paris.

But Le Maire told reporters that the new jobs from the US bank, and from First Abu Dhabi Bank and Nigeria's Zenith Bank highlighted Paris' role as a leading financial hub within Europe.

Morgan Stanley had said last year that it planned to increase its overall Paris headcount to 500 by 2025. First Abu Dhabi Bank already has an office in Paris while Zenith Bank had previously signed a deal with France to set up a subsidiary in the country this year.

"The fact that we now have the United Arab Emirates and Nigeria, which are putting their financial institutions in Paris, is an excellent sign in terms of the financial attractions of Paris and our capacity to be the biggest financial centre in Europe," Le Maire said.

First Abu Dhabi Bank already has an office in Paris. Image only for representation.

The announcement of Morgan Stanley's "European campus" in Paris comes as President Emmanuel Macron prepares to launch the annual 'Choose France' summit, designed to woo big businesses and foreign investors to France.

As part of this event, Le Maire is due to host meetings on Monday with top executives including JP Morgan CEO Jamie Dimon, Goldman Sachs CEO David Solomon, Morgan Stanley CEO Ted Pick and Bank of America CEO Brian Moynihan.

Le Maire is also due to meet Christophe Fouquet, the French head of Dutch semiconductor chipmaker ASML.

Reuters