ECBs will pick up in 2009, market gloom due to risk aversion: BNP

Mumbai, Nov 12 (UNI) The country's economy can expect External Commercial Borrowings (ECBs) to pick up in 2009, and the current global economic gloom has more to do with risk aversion than lack of liquidity in the market, BNP Paribas (India) CEO and Country manager Frederic Amoudru observed today.

Speaking to media here, Mr Amoudru said that even BNP would be cautious in the short term, both in India and its global operations, but would be more involved in the domestic capital market next year. He declined any plans of raising funds from the local stock markets.

''We are in the process of actively rolling out our merchant banking operations along with our newly opened institutional brokerage,'' Mr Amoudru said.

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