When electronic parts maker Jabil wanted to incorporate environmental, social and governance initiatives, it turned to BNP Paribas' technology, media and telecommunications (TMT) team. Led by Barbara Nash, TMT's first and only team head, BNP Paribas was the lead advisor on Jabil's $500 million debut green bond issuance last April, with proceeds from the debt offering earmarked for eco-efficient products, waste water diversion and renewable energy.
Jabil is one of approximately 150 clients that work closely with BNP Paribas' North American TMT team, which is made up of nearly 50% women and with 43% of women in managing director or director roles.
The TMT division has nearly doubled its revenue since launching in 2018, while keeping headcount nearly the same, said Nash, a New York-based banker who has worked on technology, media and telecommunications investments for three decades. "We have multiproduct relationships with our clients and they come to us for idea generation," Nash stated.
BNP Paribas is one of the largest banks in the world, reporting $2.66 trillion in assets at 2022's end. However, until 2010, it had a limited foothold in American telecommunications or media companies. That year, BNP Paribas acquired Fortis Capital and its TMT division headed by Nash. After the Fortis acquisition, Nash brought over Eve Ravelojaona, a New York-based banker who focuses on advising technology companies. Today, Ravelojaona is TMT team's director.
After joining BNP Paribas, Nash led a team focused on media and telecommunications companies, growing revenue by 15% annually and the client base by 50% in her first five years. On the heels of that success, BNP Paribas asked Nash to create a business plan to merge her team with the tech banking unit. The resulting TMT division launched in 2018.
Nash has promoted women bankers like Ravelojaona and Maria Mulic, also a managing director of TMT and an 18-year BNP Paribas veteran, to leadership roles . She has also brought on earlier career analysts such as Ayesha Afridi and Nicole Yapijakis, who both work from the bank's New York office.
One key team member is My-Linh Yoshiike, vice president of tech corporate coverage and based out of San Francisco. The merger of media and telecommunications with technology in 2018 also, in effect, meant the merger of the New York and San Francisco offices. Nash called it a move that "immensely benefited" how efficiently BNP Paribas North America operated.
"Our team has grown our TMT franchise by adding to our client base, taking additional wallet and market share while strategically positioning ourselves to address the global needs for our clients," Nash said.
One clear growth area is ESG. In addition to the Jabil bond issuance, BNP Paribas advised on HP's $5 billion sustainability-linked loan and Analog Device's $750 million sustainability-linked bond issuance, debt offerings that were made in 2021.
"BNP Paribas continues to be a lead bank in ESG-related financings for TMT clients," Nash said. "As TMT corporates are developing their ESG strategies and commitments, we've [advised] on numerous financings."
In addition to supporting the women on her team, Nash helps shape diversity, equity and inclusion initiatives across BNP Paribas. She served on the board of MixCity, the bank's women advocacy and networking group that counts 7,600 members in 23 countries. Nash said that BNP Paribas promotes a "shared culture of inclusion and respect" while attracting and retaining bankers "from diverse backgrounds and viewpoints."
Team Members:
Barbara Nash, Managing Director, Head of TMT Coverage
Maria Mulic, CFA, Managing Director
Eve Ravelojaona, Director
My-Linh Yoshiike , Vice President
Aneesha Chowdhary, Associate
Ayesha Afridi, Associate
Nicole Yapijakis, Analyst
