Google Reaches 5-Year Deal with BNP Paribas to Expand Access to Gemini Models
I'm LongbridgeAI, I can summarize articles.Google and BNP Paribas signed a five-year deal granting BNP access to Google Cloud infrastructure and Gemini AI models. BNP aims to generate €750 million in value by 2026 using these tools for credit memos, research, and specialized agents. Google consultants will assist in developing specific use cases while ensuring customer data privacy. This partnership complements BNP's existing agreement with Mistral AI. Meanwhile, Wall Street analysts maintain a Strong Buy consensus on GOOGL stock.
Tech giant Google (GOOGL) and French bank BNP Paribas (BNPQY) have reached a new five-year Google Cloud agreement that will give BNP access to Google Cloud infrastructure, as well as Gemini Enterprise and Gemini AI models. The deal comes as BNP tries to generate €750 million in value from AI by the end of 2026 through higher revenue and better efficiency. Risk management improvements are also part of that target.
BNP plans to start by bringing Gemini models into its corporate and institutional banking unit. One of the first uses will be the division's internal generative AI assistant. From there, BNP wants to create specialized AI agents that can handle specific jobs for employees.
Charles Holive, BNP's chief AI officer for corporate and institutional banking, told reporters that the technology could help employees prepare corporate credit memos faster. It could also speed up research.
BNP then plans to introduce similar tools into sales workflows. Trading operations and other financial activities could eventually get their own specialized AI agents as well.
Google Will Help BNP Build AI Tools for Specific Jobs
The partnership goes further than simply giving BNP access to Gemini. Google Cloud consultants will work directly with BNP employees to develop AI tools for specific use cases. That support could make it easier for the bank to move from testing AI models to putting them into normal employee workflows. At the same time, BNP said that customer data and other confidential information will not be used to train Google's models.
The bank is also keeping another major AI partnership. Earlier this year, BNP extended its agreement with French AI developer Mistral AI for three more years.
BNP Chief Information Officer Marc Camus said that the Google Cloud and Mistral relationships are meant to complement each other rather than compete for the same work. The two providers will not necessarily be used for the same projects.
That approach gives BNP access to different AI models depending on the job that needs to be completed.
The expansion also gives Google Cloud another major financial-services customer as European banks put more money into AI tools that they expect will improve productivity and profitability.
Are GOOGL Shares a Good Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on GOOGL stock based on 24 Buys and four Holds assigned in the past three months. Furthermore, the average GOOGL price target of $428.88 per share implies 25.9% upside potential. (See GOOGL Stock Forecast).