BNP Paribas is pleased to announce it has completed the acquisition of
Bank of America’s equity prime brokerage
business. The equity prime brokerage business provides a wide range of
services to hedge funds and mutual funds. We believe it is a low risk,
low capital consumption, service oriented business.
The deal, announced on June 10 of this year, brings more than 500
clients and over 300 employees to BNP Paribas Corporate and Investment
Banking. The transaction involves the transfer of client relationships,
employees and technology systems.
Yann Gerardin, Global Head of Equity and Commodity Derivatives, said: “The
strategic fit of this acquisition is excellent. Combining the Bank of
America prime brokerage business with our global platform and leading
derivatives business creates a prime brokerage business of choice. It is
an important advantage for clients to partner with a bank like BNP
Paribas, with a AA+ credit rating and global reach.”
Todd Steinberg, Head of Equity and Commodity Derivatives for the
Americas, said: “We are thrilled the deal has
closed on schedule. Our goal was to move the business over seamlessly
for clients and employees and we have achieved this.”
About Corporate and Investment Banking at BNP Paribas :
BNP Paribas Corporate and Investment banking division (CIB) has 16,000
employees, deployed in over 53 countries around the world. BNP Paribas
CIB excels in three fundamental sectors in particular:
Derivatives - it is one of the leading global players in rates,
credit, forex, commodity and equity derivatives
Capital markets - it is amongst the top ten Euro houses for both
ECM and DCM (bond issues, securitization, convertibles and shares).
Structured finance - it is amongst the world leaders for
acquisition, export, project and commodity finance.
For further information please visit our website at http://cib.bnpparibas.com/
About BNP Paribas
BNP Paribas (www.bnpparibas.com)
is a European leader in global banking and financial services and is one
of the 3 strongest banks in the world according to Standard & Poor’s.
The group is present in over 85 countries, with more than 168,000
employees, including 129,500 in Europe. The group holds key positions in
three major segments: Corporate and Investment Banking, Asset Management
& Services and Retail Banking. Present throughout Europe in all of its
business lines, the bank’s two domestic
markets in retail banking are France and Italy. BNP Paribas also has a
significant presence in the United States and strong positions in Asia
and the emerging markets.
BNP Paribas:
Jonathan Mullen, Group Communications,
Paris
+33 1 42 98 1336
or
Pascal Henisse, Group Communications,
Paris
- 33 1 40 14 65 14
or
Edwina Frawley-Gangahar, Media Relations,
New
York 212-841-3719
